In recent months, the likelihood of a no-deal Brexit has become an increasing possibility as the Conservative leadership race continues, with both Jeremy Hunt and Boris Johnson recently pledging to leave the European Union on 31 October with or without a deal.
The increased likelihood of a no-deal Brexit has had an impact on foreign investment in markets that are dependant upon it, the Bank has revealed, concluding that levels of such investments are "much weaker".
But it warned "material risks" remain to the economy as the threat of a no-deal Brexit has increased, while rising global trade tensions also pose a significant threat to global growth.
Further, the twice-yearly report said most risks to financial stability from disruption to cross-border financial services in a no-deal Brexit have been mitigated. The Bank of England's Financial Policy Committee (FPC), said it would team up with Britain's Financial Conduct Authority to assess whether investment funds should be required to set lengthier withdrawal periods for investors if they hold hard-to-sell assets such as commercial property. Nonetheless, UK banking system remains resilient to those global risks, the FPC added.
Speaking at a news conference after the publication of the BoE's latest Financial Stability Report, he said he was committed to steering Britain's economy as its Brexit deadline on October 31 approaches and to leading the BoE as it searches for a new governor. The reason for this is that having access to a certain amount of money acts as a buffer that will ensure that the banking system can continue lending to the economy and function as a whole if the United Kingdom were shut out of worldwide markets for 3 months.
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"Even if a protectionist-drive global slowdown were to spill over to the UK at the same time as a worst-case disorderly Brexit, the core UK banking system would be strong enough to absorb, rather than amplify, the resulting economic shocks and continue to serve UK households and businesses", it said.
The report also revealed the Bank is launching a review of funds like Neil Woodford's suspended equity income fund.
"Cannot fully insulate ourselves from financial spillovers from Europe in case of no-deal Brexit".
The aftermath of the locking down of Neil Woodford's investment fund has also seen the Bank conduct a review into how prone the economy is to impact through investments from so-called "open-ended" funds, which is now ongoing. Commercial real estate prices are also continuing to fall.