Bank of England orders financial firms to draft Brexit contingency plans
by Katie Allen from on (#2JD87)
Mark Carney sets 14 July deadline to see plans, saying firms must prepare for 'all eventualities' as he calls on politicians not to cut City adrift from Europe
The Bank of England has given financial firms a deadline of 14 July to explain how they are planning for the UK's departure from the EU and warned them to be ready for all possible outcomes, including a hard Brexit.
The Bank wrote to hundreds of banks, insurers and other financial firms on Friday ordering them to get contingency plans in place. The move follows prime minister Theresa May's triggering of article 50 last week, formally launching the Brexit process.
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