Brexit has the potential to inflict severe damage on the UK’s commercial property market, the Bank of England warned.
The central bank’s Financial Policy Committee said that “the current outlook for financial stability in the United Kingdom remains challenging,” in a statement following its meeting this week.
“Heightened uncertainty about the near-term macroeconomic outlook and the United Kingdom’s future relationship with the EU is reinforcing domestic risks,” the UK’s central bank said.
“In the UK commercial real estate
market, the risks of a sharp adjustment are crystallising. Prices have fallen and transactions are at their lowest level since 2009,” the Bank of England read more >>>