Bank of England calls for measures to prevent markets raising lending costs

The Bank of England has said that the failure of EU regulators to put in place measures to protect continental banks increased the risk of panicky trading on financial markets in the aftermath of a no-deal Brexit.

Without further guidance to EU banks and insurers and greater urgency to put in place rules before the 29 March article 50 deadline, traders on international money markets could raise the costs of lending to the banking sector. This could intensify the impact of Britain crashing out of the EU, the Bank said.

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