BOE says Brexit still poses material risks to financial services

The Bank of England publishes its financial policy committee record of meeting

  • Progress has been made in mitigating Brexit risks
  • Problem is that firms may not have necessary permissions to provide services after Brexit
  • The FPC is said to “consider possible forms for the future relationship between UK and EU in financial services”
  • Counter-cyclical capital buffer (CCYB) for banks held at 1%
  • There are arguments for a “measured increase” in CCYB
  • CCYB left unchanged to give banks more time to adjust
The full report can be found

Not exactly market moving stuff, more towards finance and banking. But more information is always better than less.

GBP/USD trading near the lows for the day as the dollar continues its march higher, now at 1.4158. EUR/GBP near the highs at 0.8785. GBP/JPY heading back towards the lows for the day now at 149.46.

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