Concern mounts over a no-deal Brexit

The UK financial establishment says it can cope if the UK crashes out of the EU, but behind the scenes panic seems close.

Andrew Bailey, chief executive of the Financial Conduct Authority (FCA), was channelling the Dunkirk spirit at the Mansion House last night – all self-deprecation, bad jokes, plucky little British chap ­– as he reported on the UK market regulator’s preparations for a range of Brexit outcomes, from an implementation period that smooths transition to a hard and sudden exit.

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 Andrew Bailey, FCA

“I was amused the other day when someone asked in Parliament if the FCA had adequate resources to deal with this,” bantered Bailey.

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