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Open UK is vulnerable to external shocks

UK has more foreign assets and liabilities than any other country
Open UK is vulnerable to external shocks
  • The Bank of England's recent article warns that the next financial shock could come from events overseas 
  • The size of the UK's foreign asset holdings leaves its banks directly exposed to financial and macroeconomic developments abroad

Brexit has happened, more than two-thirds of UK citizens have been double vaccinated and, with any luck, inflation will normalise when supply issues are fixed and energy prices stabilise. 

So, where might the next shock come from? A recent Bank of England article, ‘No country is an island: how foreign shocks affect UK macro-financial stability’, suggests it is likely to come from matters overseas. 

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