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Find out what will happen to British banks in a very difficult economic situation

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The Bank of England said, on Monday evening, that Britain’s eight largest banks are able to withstand a tripling of the unemployment rate, a 33% drop in property prices, and a significant economic decline of 800 billion pounds between 2020 and 2022. financial times According to his narration.

The results were reported by the Bank of England on the basis of a bank stress test first conducted after a two-year hiatus, and although the specific effects of the coronavirus omicron variant have not yet been included in the analysis, a severe epidemiological scenario was considered.

Once the banks are classified as healthy, the UK, like many other countries, is scrapping its countercyclical capital reserve requirement, which was suspended in 2020, to serve the banks’ stability in the event of a crisis.

This time around, the finances of Royal Bank of Scotland, HSBC, Barlcays, Standard Chartered, Lloyds, Santander, Nationwide and Virgin Money were examined in stress tests. This is the fifth time in a row that all banks have passed the exam without assigning the central bank a recovery mission since similar investigations were launched in 2014.

Cover photo: Shutterstock

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