Meeting minutes – April 2024
Updated 3 May 2024
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Record of the meeting between the Governor of the Bank of England and the Chancellor of the Exchequer to discuss the Financial Stability Report (published on 6 December 2023).
1) On 9 April 2024, the Chancellor and the Governor discussed the Financial Policy Committee’s judgements on the outlook for UK financial stability as set out in the December 2023 Financial Stability Report (FSR). The Chancellor welcomed the publication of the FSR and its assessment of financial stability risks.
2) The FSR highlighted that the overall risk environment remains challenging, reflecting subdued economic activity, further risks to the outlook for global growth and inflation, and increased geopolitical tensions. However, the banking system remains well capitalised and has the capacity to support households and businesses even if economic and financial conditions were to be substantially worse than expected.
3) The FSR also recognised that, alongside international policy work led by the Financial Stability Board, UK authorities are working to reduce domestic vulnerabilities in market-based finance.