Bank of England warns: UK economic outlook has deteriorated significantly

International Business News  –  On July 5, local time, the Bank of England warned that the outlook for the UK and global economy has “seriously deteriorated”. The Bank of England said energy and fuel costs were rising rapidly around the world, making the cost of living rising faster overall.

In the Bank of England’s latest Financial Stability Report, the bank said the UK banking sector was well-positioned to deal with a severe recession, but noted that banks must increase their reserves to deal with shocks. From now on, banks will be required to set aside an amount equal to 2% of their total assets as a buffer instead of the normal 1%.

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