Sir Jon Cunliffe, the deputy governor of the Bank of England, has said Greece is in a “very dangerous situation”, but says actions have been taken in the UK to prevent contagion.
Sir Jon told the BBC the UK banking system was now stronger, while banks had cut their exposure to Greece.
He added that the possibility of Greece leaving the eurozone “could not be excluded”.
“We have to prepare for the worst,” he said.
On Tuesday, the Bank’s Governor Mark Carney said the UK’s direct exposure to Greece was minimal.