The deputy head of the Bank of England, Sam Woods, addressed bankers in the City of London with an appeal to create additional reserves to counter the risks associated with the British exit from the European Union. He recalled that the lack of agreement between the UK and the EU on the conditions of Brexit, which had to be reached no later than November, speaks of the reality of its “hard” version. As previously reported, the Bank of England intends to allow European financial institutions to conduct their business in the UK, even in the absence of a transition period. The regime of temporary permits, which will establish the British regulator, will be valid until March 2022.
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