UK Banking System Faces ‘Very Heightened Tension’: BoE Governor

Governor of the Bank of England Andrew Bailey giving evidence to the Treasury Select Committee at the House of Commons, London, on March 28, 2023. House of Commons/UK Parliament via PA Media

The UK financial system is in a period of “very heightened tension and alertness” for further turmoil in the banking sector, Bank of England Governor Andrew Bailey has said.

The UK banking system remains in “a strong position” but the central bank has to be “very vigilant,” Bailey told the Treasury Committee in the House of Commons on Tuesday.