UK Banking System is Able to Prop Up Economy Amid COVID-19 Pandemic, Bank of England Says

MOSCOW (Sputnik) - UK banks are capable of providing support for the country's businesses and households amid the COVID-19 pandemic, the Bank of England said on Thursday.

According to the UK central bank, the recent spike in the coronavirus infection and health measures introduced could undermine the already strained situation for many people.

"Since the global financial crisis in 2008, we’ve taken actions to strengthen the UK financial system. As a result, UK banks are strong enough to keep supporting households and businesses through this difficult period," the Bank of England said in a statement, adding that the banking system is robust enough to continue lending money.

The Bank of England added that it had been cooperating with other central banks to boost financial markets across the globe so that they would continue to provide financing for the economy.

Since September, the country has been experiencing an increase in daily cases of COVID-19, bringing the total number of confirmed infections to 544,275, including 57,347 fatalities.

The outbreak has also undermined the country's economy, which, like all others, is bearing the brunt of anti-pandemic measures.