Business
U.K. building societies are financially stable but are getting increasingly exposed to a downturn in the real estate market, according to Marc Ellsmore, director for U.K. financial institutions at Fitch Ratings. Speaking to Daybreak Europe’s Sandra Kilhof on Property Portfolio, Ellsmore explained why Fitch has a negative watch on long-term issuer default ratings and weighed in on the impact of Brexit. He added that a potential BOE rate hike in the event of a no-deal EU exit would be largely positive for the sector.