Economic news

British banks to hold extra 10 billion pounds for potential credit losses

UK banks have to hold around an extra 10 billion pounds ($13.5 billion) in capital as protection against any future credit losses, the Bank of England warned.

In case of a recession, losses on banks lending on credit cards could reach 30 billion pounds ($40 billion) within three years, the BOE’s Financial Policy Committee said.

BoE also warned that UK’s upcoming withdrawal from the European Union in March 2019 raises questions about whether lenders will be able to hold consumer data in Britain.

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