Big UK banks need to do more to be ready for potential failure, says Bank of England

BoE warns lenders including Barclays and Standard Chartered in effort to prevent social media-driven runs

The Bank of England has told big UK banks including Barclays and Standard Chartered that they need to improve their preparations for a potential failure as it pushes banks to rapidly assess their financial position to prevent social media speculation sparking consumer panic.

The findings were part of the Bank’s second assessment of whether banks could “safely” shut down without destabilising the financial system or immediately requiring taxpayer cash.

Continue reading…BoE warns lenders including Barclays and Standard Chartered in effort to prevent social media-driven runsBusiness live – latest updatesThe Bank of England has told big UK banks including Barclays and Standard Chartered that they need to improve their preparations for a potential failure as it pushes banks to rapidly assess their financial position to prevent social media speculation sparking consumer panic.The findings were part of the Bank’s second assessment of whether banks could “safely” shut down without destabilising the financial system or immediately requiring taxpayer cash. Continue reading…