Bank of England Eases Rules for Banks to Meet Brexit Challenge

The Bank of England took steps on Tuesday to ensure British banks keep lending and insurers do not dump corporate bonds in the “challenging” period that is likely to follow the country’s vote to leave the European Union. The central bank said risks it had identified before the referendum were starting to materialize, including lower demand for commercial property. Late on Monday, insurer Standard Life said it had halted withdrawals from its main British real estate fund. The central bank also said it was closely monitoring investors’ willingness to fund Britain’s large current account deficit after the shock outcome of the vote, as well as high levels of household debt and the subdued global economy.