Britain’s moves to impose sanctions on Russia over the Ukraine crisis pose no threat to Britain’s financial stability, as British banks had very limited exposure to Russia, Bank of England Governor Andrew Bailey said on Wednesday. Bailey also said wider concerns that tougher action on Russia might hurt London’s position as a global financial hub were also misplaced.
Watch: How did the Ukraine-Russia crisis begin?
“The situation is so serious…I don’t think that saying ‘well this could be a bit damaging to London as a financial center’ is just really an argument that holds water,” Bailey told lawmakers. UK to provide Ukraine with further military support: PM Johnson Meanwhile, Prime Minister Boris Johnson Wednesday said that Britain will provide further military support to Ukraine, including lethal defensive weapons.
“In light of the increasingly threatening behavior from Russia and in line with our previous support, the UK will shortly be providing a further package of military support to Ukraine. “This will include lethal aid in the form of defensive weapons and non-lethal aid,” Johnson told parliament.