LONDON, June 3 (Reuters) - The Bank of England said it had
been advising banks to prepare for the possibility that Britain
fails to reach a post-Brexit trade deal with the European Union
before a deadline at the end of 2020.
"As we have said previously, the possibility that
negotiations between the UK and EU over a future trading
relationship might not conclude in a deal is one of a number of
outcomes that UK banks need to prepare for over the coming
months," the BoE said in a statement.
Sky News reported earlier on Wednesday that BoE Governor
Andrew Bailey had told banks to step up their no-deal planning.
"It is fundamental to the Bank of England's remit that it
prepares the UK financial system for all risks that it might
face. In performing that role, the governor meets the leadership
of UK banks on a very regular basis," the central bank said.
(Writing by William Schomberg, editing by Andy Bruce)
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