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Bank of England plans to reverse bank capital hike after Brexit: Bloomberg - Metro US

Bank of England plans to reverse bank capital hike after Brexit: Bloomberg

City workers walk past the Bank of England in the City of London, Britain, March 29, 2016. REUTERS/Toby Melville/File Photo
Reuters

LONDON (Reuters) – The Bank of England plans to reverse a decision to increase banks’ capital requirements because of the expected hit to Britain’s economy from last week’s European Union referendum, Bloomberg News reported on Friday.

A spokeswoman for the BoE declined to comment on the report.

The BoE’s Financial Policy Committee is to issue a six-monthly report on Britain’s banking sector on Tuesday, and met earlier this week to make policy decisions.

The Bank said in March it would raise the so-called counter-cyclical buffer (CCB) for banks from March 2017.

(Reporting by William Schomberg, editing by David Milliken)

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