Responding to the publication of the Bank of England’s 2018 stress test results and EU withdrawal scenarios analysis, Stephen Jones, Chief Executive of UK Finance, said:

The UK banking system has significantly enhanced its financial resilience over the past decade. The stress test results demonstrate that UK banks have strengthened their financial position and have the capacity to continue supporting the real economy in the event of a severe economic shock.

“However, a ‘no-deal’ Brexit would have a devastating impact on the broader economy which is why the finance industry’s priority is to ensure a managed exit from the EU, minimising disruption and additional costs for the customers and businesses we serve.”

UK Finance responds to Bank of England stress tests and EU withdrawal scenarios