Now the vote is several days old, banks have begun to argue that little fundamentally has changed in the economy. They anticipate some slowdown in the economy, but argue Britain should remain optimistic. “It is a reasonable expectation [that growth will slow] but that is very different to a recession – and we’re in danger of talking one up, if we’re not careful,” said Mr Cooper. He was joined by Javier San Felix, Santander’s deputy chief executive and head of retail banking, who said “whether it is going to be a recession, it is too early to know. We don’t expect it, and we should do our best not to facilitate that happening.” Their words stand in contrast to warnings from George Osborne and the Treasury before the referendum – the Chancellor had warned voters that they could plunge the country into a recession if they chose to leave the EU. Anthony Browne, the BBA’s chief executive, said banks should go onto the front foot and promote growth. "This wsa the first really big test of the banks since the financial crisis, the first big test for the resilience measures put in place since 2007, and they weathered the storm well," he said.
Britain has scrapped its Brexit exit plans as banks continue to operate positively despite a temporary economic slowdown . The bank is already seeing its share price rise following the dramatic loss of shares after the vote . Banking executives have stated that the current slow economic growth will not necessarily lead to a recession , and banks will place efforts into promoting growth within the economy .