UK banks asked to draw up plans to show they are prepared for Brexit
by Julia Kollewe from on (#2H6R5)
Bank of England says City institutions need to reassure regulators that they are ready for a range of possible outcomes
The Bank of England has asked UK banks, insurers and other financial institutions to draw up comprehensive plans for how they will deal with Britain's exit from the European Union, and will scrutinise them closely.
Two days before Theresa May's government plans to trigger article 50 and begin two years of negotiation over the UK's departure, the Bank said City institutions would have to provide copies of contingency plans to reassure regulators that they were ready for "a range of possible outcomes".
Related: UK economy cooling after post-Brexit vote growth, surveys show
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