Risk Of No-Deal Brexit Sinks Banking Activity To 28-Yr Low

Law360, London (October 1, 2019, 1:20 PM BST) -- The number of new loans issued by banks and the deposits they received fell at the fastest pace for 28 years in the third quarter of 2019 amid the threat of a no-deal Brexit, according to a survey published Tuesday.

A quarterly survey from the Confederation of British Industry and consultants PricewaterhouseCoopers said that the volume of business at banks in the three months to Sept. 30 dropped at the fastest pace since March 1991, with 36% of financial services companies saying their volumes were down. Britain's unresolved position on Brexit is denting consumer confidence and driving the fall in business,...

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