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UK banks face billions in credit losses with slow action on climate change, BOE finds

By Fiona Maxwell ( May 24, 2022, 11:17 GMT | Insight) -- Major UK banks see themselves facing loan default losses of more than double normal levels if government action to mitigate climate change comes too late, the Bank of England said today as it published results of its landmark climate stress test of lenders and insurers. The profitability of UK banks and insurers look set to take significant hits but be able to absorb the costs of climate-change transition and remain solvent, the BOE said.Major UK banks see themselves facing loan default losses of more than double normal levels if government action to mitigate climate change comes too late, the Bank of England said today as it published results of its landmark climate stress test of lenders and insurers....

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