Great Britain

No deal Brexit incoming: Bank of England tells banks to prepare for hard EU exit

brexit news

Banks have been told to prepare for a no deal Brexit (Image: EXPRESS)

The Bank of England boss urged bank cheif executives to step up their plans for a no deal Brexit during a private phone call on Tuesday, Sky News is reporting. He is understood to have told banks to intensify their readiness for Britain to leave the bloc on WTO terms. 

The UK has already formally left the EU and negotiators on both sides have until the end of this year to agree a deal setting out their future relationship.

EU chief negotiator Michel Barnier confirmed earlier this week the bloc is "open" to a two-year Brexit delay followed tense talks between the UK and EU sides.

But David Frost insisted the "firm policy" of the Government remains not to extend beyond the end of the year.

Prime Minister Boris Johnson has been adamant he will not seek any extension to the current transition period which ends on December 31, despite warnings the coronavirus outbreak means it will be impossible to conclude a new free trade agreement with the EU by then.

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