BOE's Ramsden Says Some Brexit Financial Stability Risks Remain

(Bloomberg) -- The Bank of England has largely guarded against most of the risks to financial stability that could arise from a no-deal Brexit, but there are still some hazards, according to the institution’s Deputy Governor Dave Ramsden.

“In our view most risks to financial stability that could arise have been mitigated -- although, particularly in the absence of further actions by European Union authorities, some potential risks to financial stability, primarily to EU households and businesses, remain,” Ramsden said in a speech in London Wednesday.

“It’s important to note that financial stability is not the same as market stability,” he added. “A disruptive Brexit could still be expected to bring significant market volatility.”

Ramsden’s comments came the day after his fellow policy maker Jon Cunliffe reiterated the risks to financial stability from Brexit, saying it would be “uncomfortable” if the U.K., with its large financial services industry, ends up being regulated by a system in which it has no say.

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