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BoE's Kashyap says worried about risk of capital flight from UK

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BoE's Kashyap says worried about risk of capital flight from UK
FILE PHOTO: The Bank of England is seen in the financial district during rainy weather in London, Britain, September 23, 2018. REUTERS/Henry Nicholls/File Photo   -   Copyright  Henry Nicholls(Reuters)
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LONDON (Reuters) – Bank of England policymaker Anil Kashyap said on Tuesday he was worried that since the Brexit referendum Britain has become more reliant on foreign funding that could be withdrawn at short notice by international investors.

“I do worry about the composition of the foreign capital that the UK relies on. Right now the stock of foreign funding is potentially more flighty than it was in 2016,” Kashyap, a member of the BoE’s Financial Policy Committee, said in a written report to lawmakers.

“To the extent that some of this flighty funding is going to the financial system and could be withdrawn at short notice, this could create cause for concern.”

(Reporting by Andy Bruce; Editing by William Schomberg)

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