Time to fix mortgage crisis while sun shines

The most direct casualty of Brexit so far appears to be the UK’s property investment funds industry, with six funds worth over £15bn (€17.5bn) now refusing to allow savers access to their cash.

With vestiges of Northern Rock and Bear Stearns, it may be too early to determine whether this development represents a financial canary in the coalmine or an overreaction to a short-term market dysfunction.

Problems in the UK have been mirrored by banking issues inside the eurozone where a failure to repair the legacy bad loans following the 2008 crisis has left many European banks in a difficult position when it comes to absorbing further shocks such as Brexit.