Meeting minutes – July 2022
Updated 6 October 2023
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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 5 July 2022).
1) On 27 July 2022, the Governor and Chancellor discussed the Financial Policy Committee’s judgements on the outlook for UK financial stability, as set out in the July 2022 Financial Stability Report (FSR).
2) The Governor noted that global economic conditions had worsened and the outlook for the economy is very uncertain. However, UK banks remained strong and are able to support households and businesses and despite market volatility, UK businesses that were previously able to access funding from financial markets have continued to do so.
3) The Governor further noted that the wider UK financial system has thus far been resilient to the stress facing commodity markets resulting from the Russian invasion of Ukraine.