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Bank of England governor urges banks to step up no-deal Brexit plans

Bank of England governor urges banks to step up no-deal Brexit plans

The governor of the Bank of England has told Britain’s largest banks to intensify preparations for a ’no trade deal’ Brexit amid growing signs of deadlock between UK & Belgium. The instructions come on back of Britain’s major banks grappling with the impact of the covid-19 on their balance sheets, as significant amount of loans are expected to turn bad as a result of the crisis.

Milan
Milan
M. Schlegel
M. Schlegel 4 months

Well the problem is, you have a government that says it wants a deal with the EU, that therefore doesn’t really prepare for no deal, nor does it help the economy prepare in a meaningful way, but at the same time doesn’t really seem to go for any deal. Part of the problem is politicians having promised the impossible. Of course you can’t have all the benefits of being in the EU and at the same time none of the liabilities. But that’s basically what was promised. Ireland is a good example of the impossible promises. Basically the conservatives promised no border within ireland, no border within the UK but authority over import rules. Now if the UK has different rules for imports than the EU, the EU-UK border needs border checks and it would even be against international law (accepted by both UK and EU) to not have border checks. But if you have them you need to have them somewhere. And that either puts a border between northern Ireland and Ireland or Northern Ireland and the Rest of th UK. It was always impossible to comply with everything promised. And now it is political suicide to accept any deal because any deal would break promises you made and the answer seems just to not get any deal and blame it on others.

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