Bank of England says UK banks are resilient enough to offer struggling households support
The Bank of England has warned that households across the U.K. are facing mounting problems from the sharp increase in interest rates but says the country’s biggest banks are resilient enough to offer more help than they were able to before the global ... LONDON -- The Bank of England warned Wednesday that U.K. household s are facing mounting financial difficulties from the sharp increase in interest rates but expressed hope that the country's biggest banks are resilient enough to offer more help than they could before the global financial crisis 15 years ago. In its half-yearly financial assessment, the central bank said British households are facing higher debt burdens because of rising interest rates, particularly people whose fixed-rate mortgage deals have come to an end or soon will. However, the Bank of England said several factors should limit the number of people who default on their mortgages. It noted, for example, that U.K. banks have more capital and are carrying far...