'Dunkirk spirit': UK banks are preparing billions in emergency lending to support the economy under a no-deal Brexit

Michael Rieger / FEMA

• Big banks are ready to lend money to UK businesses in order to prop up the economy in the event of a no-deal Brexit.
• The bank lobbying body, UK Finance, said it was ready to help coordinate lending as it did following the collapse of Carillion and Monarch Airlines, The Telegraph reported.
• Ministers have drawn up contingency plans for a no-deal exit from the EU and have put the Army on standby to deliver food, medicine, and fuel.

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LONDON — Major banks are preparing to support UK businesses with credit if Britain falls out of the EU next March with no deal on future relations with the bloc, highlighting just how disruptive crashing out of the EU could be to the UK economy.

The Telegraph reported on Sunday that CEOs and banking lobbying groups are ready to extend lines of credit to soften the economic blow by blockages in trade and financial flows in the event of a no-deal Brexit. Officials at the Bank of England’s Prudential Regulation Authority (PRA) have reportedly begun talks with lenders in recent weeks over how they can help buttress the economy.

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SEE ALSO: The British Army is reportedly on standby to deliver food, medicines, and fuel in case of a no-deal Brexit

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