Close
Enter your search into one or more of the boxes below:
You can refine your search by selecting from any of the options below:
Search
Your Shopping Basket
Total number of items: 0
Sub total: £0.00
Go to Checkout
Our Birmingham Shop
Our Bristol Shop
Animators Survival Kit

Bank of England: UK threatened by foreign debt crisis

25th June 2010

The Bank of England has warned that the European debt crisis is a major risk for the UK's financial services sector.

In its semi-annual Financial Stability Report, the organisation said that UK banks' exposure to European lenders has increased their risk of being adversely affected by issues such as the sovereign debt problems of Greece.

'Concerns over Greek sovereign risk spilled over to other European countries and developed rapidly into a generalised retreat from risk-taking. Inadequate transparency about sovereign exposures led to counterparty concerns and renewed strains in bank funding markets,' the document explained.

While British banks have relatively few direct links with institutions in Greece and other nations struggling with debt, their collapse could have a knock-on effect through other European banks to which UK lenders are more closely tied.

However, the report also welcomed moves by the European Union and the International Monetary Fund to offer support packages to Greece in a bid to halt the fallout of its debt crisis.

Last week, chancellor George Osborne used his Mansion House speech to unveil major changes to the regulation of the UK's financial sector, including the breaking up of the Financial Services Authority and new powers for the Bank of England.

Latest Blog
Foyles' Find Your Way Through ... Depression
24/04/2017

How the tv series 13 Reasons Why and Prince Harry's revelations about his own mental health have both sparked important debates about teen wellbeing.

Meg Howrey on the Impossibility of Avoiding Science in Fiction
24/04/2017

As her new book, The Wanderers, is published, exclusively for Foyles, Meg Howrey discusses why all writers of contemporary fiction are going to have to deal with science, and the interesting things that happen between and beyond the categories.

Sara Paretsky Recalls a Childhood as the 'Town Giraffe' in Lawrence, Kansas
20/04/2017

As her new V I Warshawski novel, Fallout, is published, Sara Paretsky recalls her childhood in Lawrence, Kansas and how the town has provided the inspiration and setting for several of her novels, including Fallout.

View all Blog Entries
Twitter
Show/Hide Tweets
© W&G Foyle Ltd