Bank of England slashes banks' capital requirements
Jul 5 2016, 06:21 ET | By:
Yoel Minkoff, SA News Editor
The Bank of England has taken steps to shore up the U.K. economy following Britons' decision to exit the EU, warning that the outlook for the stability of the financial system has become "challenging."
The decision to
reduce the so-called countercyclical capital buffer to zero will allow British banks to lend an extra £150B to U.K. businesses and households, keeping the economy flush with credit.