(Bloomberg) -- Chancellor of the Exchequer Jeremy Hunt said the UK banking sector is in an “immensely stronger position” than before the 2007-2008 financial crisis, and welcomed the move by Swiss authorities to rescue Credit Suisse Group AG.
“We believe there is resilience in the system,” Hunt told the House of Lords Economic Affairs Committee on Tuesday.
https://t.co/67L71G0bCE pic.twitter.com/fbRbn72ZzF— Bloomberg UK (@BloombergUK) March 21, 2023
Asked if he had concerns about Swiss authorities changing their rules to allow a speedy takeover of Credit Suisse by UBS Group AG, he said he “wholly” supported the decision, and that the Swiss National Bank “took the right decision and we had the best possible outcome.”
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