Committee to assess financial disruption if Britain leaves EU without deal

The financial disruption that could result if Britain crashes out of the European Union without a deal is to be examined by the Bank of England in a joint working group with the European Central Bank.

Intense lobbying by banks and insurance companies in the City, fearful that billions of pounds worth of cross-border financial contracts would lose their legal status should negotiations fail, appeared to have succeeded when EU officials agreed that the ECB would join Threadneedle Street officials to assess the risks.

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Read More Bank of England and ECB set up group to address Brexit fears

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