BoE's Cunliffe sees "great deal of pain" for financial sector

LONDON, June 9 (Reuters) - The initial shock of the
coronavirus pandemic to Britain's financial system is over, but
another sharp repricing of risk is still possible, Bank of
England Deputy Governor Jon Cunliffe said on Tuesday.

"The COVID crisis is very far from over. The depth and
length of its economic impact remain very uncertain: it is clear
that there is likely to be a great deal of pain for the
financial sector," Cunliffe told an Investment Association
online event.

"However, the first phase - the initial shock and adjustment
to a far more challenging economic outlook in the near term -
has passed," he added.
(Reporting by David Milliken and Huw Jones)