Incoming BOE Governor Bailey: UK badly prepared for market crash
The incoming Bank of England (BOE) Governor and Chief Executive of the Financial Conduct Authority - the City regulator, Andrew Bailey, said in an interview with the UK Times, “Britain badly prepared for a market crash.”
Additional Quotes:
Concerned about how ill-prepared the UK is for a prolonged fall in the stock market or house prices.
Increased exposure to asset values had been accompanied by a declining understanding of the fallout from a decline in prices, saying that the issue was "one of the things that worries me most".
"There hasn't been a major fall in asset prices now since the [global financial] crisis and of course, we don't want one to happen, but they do happen. I do think that there is not as great an understanding of what the consequences of that could be."
Meanwhile, the GBP/USD pair is seen consolidating the bounce around 1.3125 region, benefiting from a broad-based US dollar pull back and Brexit optimism.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
