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The incoming Bank of England (BOE) Governor and Chief Executive of the Financial Conduct Authority – the City regulator, Andrew Bailey, said in an interview with the UK Times, “Britain badly prepared for a market crash.”

Additional Quotes:

Concerned about how ill-prepared the UK is for a prolonged fall in the stock market or house prices.

Increased exposure to asset values had been accompanied by declining understanding of the fallout from a decline in prices, saying that the issue was “one of the things that worries me most”.

“There hasn’t been a major fall in asset prices now since the [global financial]crisis and of course, we don’t want one to happen, but they do happen. I do think that there is not as great an understanding of what the consequences of that could be.”