June 9, 2020 / 3:04 PM / a month ago

BoE's Cunliffe sees "great deal of pain" for financial sector

LONDON, June 9 (Reuters) - The initial shock of the coronavirus pandemic to Britain’s financial system is over, but another sharp repricing of risk is still possible, Bank of England Deputy Governor Jon Cunliffe said on Tuesday.

“The COVID crisis is very far from over. The depth and length of its economic impact remain very uncertain: it is clear that there is likely to be a great deal of pain for the financial sector,” Cunliffe told an Investment Association online event.

“However, the first phase - the initial shock and adjustment to a far more challenging economic outlook in the near term - has passed,” he added. (Reporting by David Milliken and Huw Jones)

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