BOE’s Cunliffe: UK finance firms will assume the worst case if there is no Brexit clear end framework

Bank of England’s Sir John Cunliffe speaks in the House of Lords

UK finance firms will assume the worst case if there is just more Brexit transition time and no clear end framework

The BOE’s PRA man Sam Woods is also there and says that the 65k/75k financial services job loss number used by the BOE to gauge possible Brexit scenarios was not their number but one taken from consultants Oliver Wyman.

If you’re expecting any monetary policy comments, you’ll probably be disappointed. For one, this hearing is on reglulation and supervision, and two, we’re in the BOE purdah period before an MPC meeting, which meansMPC members can’t talk shop, though I’m not sure if this hearing can overide that.