20:19 GMT +316 February 2019
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    Britain's Chancellor George Osborne speaks during the British Chambers of Commerce annual conference in London (File)

    UK Banking Chiefs Agree to Unlock Extra Capital for Business, Households

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    UK Chancellor of the Exchequer George Osborne said that the leaders of the United Kingdom’s main lenders agreed on Tuesday to make the extra capital available to support lending to UK businesses and households after Brexit.

    MOSCOW (Sputnik) — Leaders of the United Kingdom’s main lenders agreed on Tuesday to unlock additional capital to support businesses and households after Brexit, Chancellor of the Exchequer George Osborne said.

    Earlier in the day, Osborne met with banking chiefs to agree a collective stance in the face of post-referendum financial volatility.

    "We are reassured that collectively we can rise to it," their joint statement read. "Now the UK’s main lenders… have agreed to make the extra capital available to support lending to UK businesses and households in this challenging time."

    UK banks have been beefed up in the last few years and have enough capital to see them through the new economic turbulence, according to the statement.

    Earlier today, the UK government gave the Bank of England (BoE), the central bank, new counter-cyclical capital buffer powers to support lending. BoE used them to cut the corresponding buffer rate to zero percent.


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