The Bank of England (BoE) has insisted Britain’s financial system is “safe and sound” in an effort to calm nerves as markets prepare to reopen in the wake of the emergency sale of Credit Suisse to UBS.
Britain has so far avoided being drawn into the crisis that has seen two major US banks fold but the plight of Credit Suisse – one of only 30 banks considered to be large enough to sway the global financial system – has acted as a warning shot for the world economy.
