Britain’s banks face funding crunch as Brexit looms

A funding crunch is squeezing British banks’ profits and hitting their share prices, as the threat of a disorderly Brexit and the end of cheap cash from the Bank of England begin to bite.

The average cost for British lenders of issuing secured debt has leapt to its highest since just after the 2016 EU referendum, JPMorgan data shows, as investors fret that political turmoil could tip the economy into recession.

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