Bank of England Warns of Global Financial Market Shocks After Summer Volatility Spike

The Bank of England (BoE) has warned that global financial markets are vulnerable to shocks after a “spike in volatility” over the summer. However, according to bank’s Financial Policy Committee (FPC), the UK banking system is resilient enough to withstand tougher economic conditions. The FPC identifies risks to financial stability and agrees on policies aimed at safeguarding the resilience of the British financial system. In its latest report, the committee said that the British banking system is reliable and can continue supporting households and businesses. The review said that financial stability has remain unchanged since June. However, the global geopolitical developments and state of economies remains heightened, it added....