Fears rise among UK banks of 'high-impact' event

Nearly 90% of UK financial firms think the chance of a “high-impact” event happening in the next year – such as the collapse of the euro – has increased in the last six months, the Bank of England said today.

The likelihood of such an event – which could also include a credit rating downgrade for the UK or a government debt default – happening in the short term is at the highest level since 2008, the Bank’s survey said.