Meeting minutes – September 2023
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 12 July 2023).
1) On 12 September 2023, the Chancellor and the Governor discussed the Financial Policy Committee’s (FPC) judgements on the outlook for UK financial stability, as set out in the July 2023 Financial Stability Report (FSR). The Chancellor welcomed the publication of the FSR and its assessment of financial stability risks.
2)The Governor noted that against a backdrop of higher interest rates, the FPC judged that the UK banking system remained resilient and would continue to have the capacity to support households and businesses.
3) Alongside the FSR, the Bank had also published the results of the 2022/23 annual cyclical scenario (ACS) stress test, which showed that the major UK banks were resilient to a severe macroeconomic stress scenario. These results supported the FPC’s judgement on the resilience of the UK banking sector.
4) The Governor and the Chancellor agreed to continue to co-operate closely across the authorities to ensure the resilience of the financial system.