UK Banks Can Withstand Deep Recession: Bank of England

The Bank of England and the City of London financial district in London, on Nov. 5, 2020. John Sibley/Reuters

The UK banking system would be able to withstand a severe economic turbulence, deeper than the 2008 financial crisis, a report by the Bank of England (BoE) has claimed.

The stress test performed by the BoE will likely appease British businesses and households who are concerned with the rising interest rates and high inflation.