The gross mark-to-market value of all derivatives contracts held by UK banks is at its lowest since December 2007, Bank of England data shows, continuing a slide that began in the middle of 2016.

Total gross derivative assets and liabilities combined at end-March stood at £4.8 trillion, down from £5 trillion in the last quarter of 2017, and just above the £4.7 trillion recorded at end-December 2007.

Gross derivative values peaked at end-2008, at £15.1 trillion, and have since been on a