Concerns about risks to UK financial system from global economic downturn have soared to highest level since second half of 2019, according to a Bank of England (BOE) survey.
BoE’s bi-annual systemic risk survey surveyed 55 financial firms from July 23 to August 12, asking each to identify top 5 risks impacting UK financial system if they materialized.
One-third of respondents raised concerns about threat to UK financial sector from global economic downturn, a 19% increase compared to March survey results, BoE reported.