How strong are British banks?
and can they pass the Covid-19 stress test?
- The Bank of England maintains that UK banks are strongly capitalised.
- The evidence from banks’ share prices and market values contradicts this claim.
- Banks are more fragile now than they were going into the last crisis.
- The Bank of England’s failure to ensure the resilience of the banking system suggests a need for radical reform that does away with the regulator.