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UK banks’ contracts for trillions of pounds are under threat due to Brexit

Britain’s central bank’s Financial Policy Committee has pointed to the danger Brexit carries for contracts that local banks have with EU banks, which mean trillions of pounds, after the bloc’s administration failed to introduce protective laws.

In a recent quarterly review of the UK’s financial services sector the Committee emphasized that derivatives contracts, giving banks and companies protection against interest rate hikes, could be finished if no legislation is enacted by Britain and the EU.

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