The Governor of the Bank of England, Andrew Bailey, has said the UK banking system is in a sound position and well placed to support the economy despite some global jitters.
The concerns contributed to a volatile day of trading Europe-wide on Friday which saw Deutsche Bank's shares fall more than 14% at one point, although it and many other banks saw limitedMr Bailey said that despite"big strains in parts of the global banking system" he remained confident UK banks were"resilient, with robust capital and liquidity positions, and well placed to support the economy.
He told his audience:"Recently, the evidence has pointed to more resilient activity in the economy, and likewise employment; signs that nominal wage growth has been rather weaker than expected; and two months in which there was first some downside news on inflation relative to our expectation and then a bit more upside news.
"This reminds us that the path of inflation will not be entirely smooth and cost and price pressures remain elevated."
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