Bank of England official flags risk of capital flight from UK

Britain has become increasingly reliant since the 2016 Brexit referendum on &quo...

LONDON - Britain has become increasingly reliant since the 2016 Brexit referendum on “flighty” foreign funding that could be withdrawn at short notice, a Bank of England official said on Tuesday.

Britain runs a big current account deficit - the difference between the money flowing in an out of the country - which leaves it reliant, in the words of BoE Governor Mark Carney, on “the kindness of strangers” to pay its way. “To the extent that some of this flighty funding is going to the financial system and could be withdrawn at short notice, this could create cause for concern.”

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