Meeting minutes – July 2025
Published 30 October 2025
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On 4 September 2025, the Chancellor met the Governor to discuss the Financial Policy Committee’s view of the UK’s financial stability outlook as presented in the July 2025 Financial Stability Report. The Chancellor noted the report’s release and its assessment of potential risks to financial stability.
In the Financial Stability Report, the FPC noted that risks and uncertainty associated with global trade policy, geopolitical tensions and sovereign debt were elevated, with signs of some geopolitical risks crystalising and greater likelihood of severe global shocks. It highlighted the volatility that followed US tariff announcements and how ongoing conflicts could disrupt oil prices. However, the FPC continued to judge that UK households and corporates were resilient in aggregate, and that the UK banking system remained in a strong position to support households and businesses even if economic, financial and business conditions became substantially worse than expected.