Brexit spurs rethink of political risk at global banks

Some banks are reserving capital against political risks, such as Brexit

Knock-on effect: the long-term implications of Brexit are tough to pin down

Advocates of Britain exiting the European Union – or Brexit as it is known – have made a habit of dismissing warnings about the economic risks of such a move. Bank of England governor Mark Carney drew the ire of eurosceptics when, on March 8, he described Brexit as "the biggest domestic risk to financial stability" facing the UK. When he told reporters on May 12 that "a vote to leave the EU could have material economic effects – on the exchange rate, on demand and on the economy's supply

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