Britain's banking system is facing major losses in 2020, with the banking firms Barclays, Standard Chartered, Lloyds, NatWest Group, and HSBC facing double-digit declines, ranging between 42% to 55%, Reuters reported Wednesday.
The British economy as a whole is expected to shrink 11.5% this year, due to the government restrictions imposed during the coronavirus pandemic.
Other factors contributing to the worse-than-expected losses for banks are low interest rates by the central bank and uncertainty regarding the future of the UK's post-Brexit trade relationship with the European Union.