In a largely positive review of the UK yesterday the IMF highlighted the continuing exposure of the UK banks to ongoing loses.
In particular, it said U.K. bank loans to Greece, Ireland, Portugal, and Spain account for about 14% of U.K. gross domestic product. That’s a similar level of exposure to that of French and German banks, although in the U.K.’s case, claims “are more strongly concentrated on Ireland.”
With Ireland looking to be the next Greece and with banks debt possibly being understated through the failure to recognise bad debts there could still be a still in the tail for the UK.
The Bank of England is due to review the UK’s economic progress later today and it is believed the tone will be “mildly more confident” but concerns remain about both growth, with exports stumbling, even with a 25% depreciation of sterling and also inflation continuing to track at over 3% being 50% over target.
Author: Chris Slay
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