Meeting minutes – October 2024
Published 21 November 2024
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On 2 October 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 June 2024 Financial Stability Report (FSR). They noted a range of risks to financial stability, including geopolitical and cyber risks, and how these could impact the UK financial system.
The FSR highlighted that risks to the UK financial system were broadly unchanged from Q1 of 2024. Global risks remained high, but UK households and businesses had remained resilient to the impact of higher interest rates. The UK banking system was strong enough to support households and businesses even if economic outturns were to be worse than expected. Alongside international policy work led by the Financial Stability Board, UK authorities were taking action to reduce domestic vulnerabilities in market-based finance.