A surge in consumer lending means British banks are at risk of incurring losses, the Bank of England said on Tuesday, warning that some might be letting credit standards slide as they compete to offer debt to households.
More than nine months after the UK voted to leave the European Union and end its 44-year membership of the block, PM Theresa May will finally today deliver a letter officially triggering Article 50 and beginning at least two years of tough negotiations.
Britain-based banks should take steps to ensure they do not have to curb lending suddenly if the country leaves the European Union in a disorderly way, the Bank of England said on Monday as Prime Minister Theresa May prepares to start Brexit talks.
The nine-month Brexit "phony war" is set to come to an end next week when British Prime Minister Theresa May notifies the European Union of Britain's intention to leave, starting two years of unprecedented negotiations.
The 2.3% UK inflation level superseding average earnings which currently stand at 2.2%, consumer spending may be negatively impacted and such could trigger fears over the sustainability of the UK’s consumer fueled economic growth.