Press Release (ePRNews.com) - TAIPEI CITY, Taiwan - Sep 17, 2018 - According to the Bank of England’s Governor, Mark Carney, China’s fiscal system could pose a significant threat to the world’s economy and global financial stability.
Analysts at Reed Cavendish Wealth Management also believe that Brexit could bring a host of domestic risks to the UK as consumer debt and internet attacks on the banking system were on the rise. The Bank of England has previously mentioned such risks in routine reports on the nation’s financial standing and stability.
Reed Cavendish Wealth Management analysts say that the European Union has voiced concerns that the UK is ill-prepared for its departure from the bloc in the event of a “no-deal” Brexit.
BoE Governor Carney has cited developments in China as one of the biggest threats to global economic stability.
Martin Godwin, Head of Corporate Equity at Reed Cavendish Asset Management, says that although China is a valuable source of expansion within the global economy, the rapid development of their financial sector could prove problematic. Similar rapid development was seen leading up to the last financial crisis.
Carney believes that a fresh financial crisis of the same scale as the one seen in the US 10 years ago could be a distinct possibility if Chinese bankers were to relax their oversight.
However, Reed Cavendish Wealth Management analysts stated that UK financial institutions are now required to keep a larger amount of capital to guard against possible downturns. This puts British banks and the public in a better position than they were in a decade ago.
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Reed Cavendish Wealth Management