Steve Beasant

Liberal Democrat Prospective Parliamentary Candidate for Great Grimsby and Councillor for the East Marsh Learn more

View more tweets

View more tweets

Government must take financial instability warnings seriously

by Steve Beasant on 9 August, 2017

The warnings from the financial regulator have to be taken seriously. He has no political axe to grind. And the Bank of England has to be on guard.

Leader of the Liberal Democrats Vince Cable

Sam Woods, chief executive of the Prudential Regulation Authority, has warned of a ‘cliff edge’ for financial systems.

The warnings from the financial regulator have to be taken seriously.  He has no political axe to grind.  And the Bank of England has to be on guard.  The 10th anniversary of the beginnings of the banking crisis is a reminder of what happens when warnings of financial instability are not taken seriously enough.

His point is that not merely is the City exposed to the risk of losing business with the loss of passporting rights as we leave the Single Market; it is also exposed to financial instability if a major economic crash forces individuals and companies to default on their loans.

The government should listen to the Bank of England’s wise advice and back off from its dangerous ‘hard Brexit’ strategy.

   Leave a comment

Leave a Reply

You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>