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Bank of England requests Brexit plans from all companies

Staff Writer |
The Bank of England has written to all firms that operate in the UK and the European Union, asking for their Brexit contingency plans.

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Mark Carney, the Bank of England’s governor, has said he wants to make sure all firms are planning for the “full range” of possible scenarios.

Carney said there were risks to financial stability from Brexit but also said there were opportunities.

Carney said the Bank of England had even contacted the British-based subsidiaries of US investment banks as well as UK banks and European firms.

He said: “The main purpose of this letter is to ensure that all firms are making, and stand ready to execute in good time should the need arise, contingency plans for the full range of possible scenarios.

“The Financial Policy Committee will oversee this process of contingency planning to mitigate risks to financial stability.

“Asking firms to plan thoroughly is the hallmark of the prepared and professional approach we take to promote financial stability.”

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