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Bank of England offers businesses in the region Brexit reassurance

The Bank of England has offered welcome reassurance to companies in Coventry and Warwickshire – whatever the outcome of Brexit.

Bank of England offers businesses in the region Brexit reassurance

Graeme Chaplin, the Bank of England’s Agent for the West Midlands, met a range of businesses from across the city and the county at Nailcote Hall to get a gauge for how firms are feeling ahead of the UK’s exit from the EU.

The event was organised by the Coventry and Warwickshire Chamber of Commerce for its Strategic and Corporate Partners and gave companies the opportunity to discuss their preparations for Brexit and also find out how the Bank is preparing.

Graeme told the assembled businesses that the Bank had taken steps to ensure that the UK banking sector is in good shape to withstand a more disorderly Brexit.

He said: “We have contingency plans in place to maintain financial stability in the unlikely event of a disorderly Brexit. The major UK banks are now well capitalised – much more so than they were before the crash of 2008.”

Ajay Desai, International Trade Director at the Coventry and Warwickshire Chamber of Commerce, said: “It is a welcome opportunity to feedback how companies across Coventry and Warwickshire are feeling right now and their plans for the future.

“Most of the companies in the room are getting on with running their businesses on a day-to-day basis and are now looking for certainty on what comes next. It was reassuring to hear of the Bank’s preparedness.”

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