The current national lockdown is the biggest risk facing banks, and not Brexit, a leading industry figure warned this week. The most significant barrier to growth for the UK’s major banks this year is the uncertain economic outlook arising from the latest national lockdown, not the lack of clarity on whether financial services firms can access markets in the European Union after Brexit, leading City analyst Michael Hewson declared.
READ MORE: The share prices of Royal Bank ofScotland owner NatWest Group and Lloyds Banking Group fell sharply between Christmas and New Year, amid a sell-off believed to be sparked by continuing uncertainty over access to EU markets. However, the European issue was given short shrift by the chief market analyst at London-based CMC Markets.