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6/3, 11:09 AM (Source: TeleTrader)
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BoE tells banks to step up no-deal planning - report

Bank of England Governor Andrew Bailey told banks to step up their planning for a no-deal scenario at the end of 2020, Sky News reported on Wednesday citing sources familiar with the matter.

According to the report, Bailey warned that such preparations are needed as there is a possibility the United Kingdom will not manage to reach a trade agremeent with the European Union before the end of the Brexit transition period.

Earlier, reports said that the EU is beginning to "wonder" if the UK wants a deal at all based on its attitude in the negotiations with Brussels. The EU stated it is ready to prolong the transition period if the UK asks for it, but London has insisted it will not seek an extension.

Breaking the News / NP