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Trending: Carney’s up again, housebuilders suffer and the BHS saga drags on

Published: 12:47 05 Jul 2016 BST

construction worker building a house

The Bank of England has said that Brexit risks are beginning to “crystallise” as it eased special capital requirements to help lubricate the financial system.

The move should, in theory, help to free up £150bln for banks to lend to businesses and consumers, the BoE’s Financial Policy Committee (FCP) said.

“Three quarters of UK banks…will immediately…have greater flexibility to supply credit to UK households and firms,” said the governor of the Bank of England.

 

Elsewhere in the economy and shares in housebuilder stocks took a hammering after Standard Life Investments suspended trading in its UK property fund.

The firm blamed the “exceptional market circumstances” created by the referendum result.

Shares in Berkeley Group Holdings plc (LON:BKG) and Redrow plc (LON:RDW) were off more than 6%, while shares in Barratt Developments PLC were down just below 6%.

Despite a supposed falling demand for houses, some were still unconvinced that housebuilders would be able to address the shortage of housing in the UK…

 

Despite fears that the UK’s airline industry could be headed down Doom Alley following the UK’s decision to leave the European Union, Ryanair Holdings PLC (LON:RYA) actually managed to boost passenger numbers last month.

The Irish low-cost airline flew a record 10.6mln passengers in June, up 11% from the 9.5mln it carried in the same month last year.

Ryanair – whose chief executive Michael O’Leary was a vocal supporter of the remain campaign – launched a “Fly home to vote remain” sale last month, which helped to offset softer demand experienced by other airlines.

EasyJet PLC (LON:EZJ) and British Airways owner International Consolidated Airlines Group (LON:IAG) were among those to issue profit warnings in the wake of Brexit.

 

And finally, if you didn’t think the BHS saga could get any weirder, well you were wrong.

Dominic Chappell, the former owner of the British high street veteran, has said that striking a deal with former Libyan dictator Colonel Gaddafi was easier than negotiating with Sir Philip Green.

“It was a difficult comparison,” said Chappell.

“Gaddafi senior was nuts, he was completely insane but negotiating with him was actually easier than negotiating with Philip Green.”

As well as comparing a billionaire to a murderous dictator, Chappell also claimed that BHS did not collapse because of the money he took out, although he did concede that he took “a lot of money” from the flagging retailer.

 

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