Worst yet to come for banks in terms of pandemic fallout, says BoE's Woods

Banks in Britain have been shielded from the worst effects of the COVID-19 pandemic by government relief measures and the toughest time has yet to come, Bank of England Deputy Governor Sam Woods said on Friday.
 

Government relief schemes such as furlough payments and guarantees on banks' loans to companies have cushioned banks against fallout from the crisis, but these will be wound down in coming months.
 

"We feel good about what's happened so far but in a way the tougher bit is coming," Woods told a London School of Economics webinar. "The government has pushed out a lot of