Meeting minutes – January 2025
Published 24 February 2025
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On 15 January 2025, the Chancellor and the Governor discussed the Financial Policy Committee’s judgements on the outlook for UK financial stability as set out in the November 2024 Financial Stability Report (FSR).
The FSR highlighted that uncertainty and risks to UK financial stability have increased since the June FSR. Global risks associated with geopolitical tensions, global fragmentation and pressures on sovereign debt levels remained material. However, the FPC continued to judge that UK households and corporates were likely to remain resilient in aggregate, and that the UK banking system was strong enough to support households and businesses even in a period of economic or financial stress.
Alongside the FSR, the Bank had published the conclusions of its System-wide Exploratory Scenario. The exercise, which was the first of its kind, had improved the FPC’s understanding of the behaviours of banks and non-bank financial institutions during stressed financial market conditions in core UK markets.