Banks have not been stress-tested for impact of referendum, BoE's Cunliffe says

Debt levels in the UK were vulnerable to a ‘shock’ the Bank of England’s Jon Cunliffe said on Wednesday.

The remarks by the BoE’s deputy governor for Financial Stability were made in testimony to Parliament’s Economic Affairs Committee.

To take note of, he also remarked that lenders had not been 'stress-tested' for the potential impact which the referendum on membership of the European Union might have on them.

He added that rate hikes in the UK would be slow.

As of 14:43 GMT the pound was trading 0.55% higher versus the US dollar to 1.4032.

-- More to follow --