The Bank of England's latest report warns of escalating trade wars and geopolitical instability heightening risks to the UK's financial system, especially due to its open economy.
Andrew Bailey stated, 'We are living in a world that is more uncertain on a number of fronts. We are watching these risks very carefully,' emphasizing the need for vigilance amid global volatility.
The report revealed increasing risks in the shadow banking sector, highlighting its connection to past market crises, and pointed out potential vulnerabilities during financial stress.
While the UK's biggest banks passed stress tests, the Bank indicated these assessments will now occur biennially, reflecting a proactive approach to the evolving financial landscape.
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