Meeting minutes – January 2022
Updated 3 May 2024
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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 13 December 2021).
1) On 13 January 2022, the Governor and Chancellor discussed the December 2021 Financial Stability Report (FSR).
2) The Chancellor welcomed the publication of the FSR and its assessment of financial stability risks. Alongside the FSR, the Bank had published the results of the 2021 Solvency Stress Test, which supported the Financial Policy Committee’s (FPC) view that major UK banks are strong enough to keep supporting households and businesses, even in severe scenarios.
3) The Chancellor and Governor also discussed the conclusion of the FPC’s review of its mortgage market recommendations. The FPC had announced that it would consult on simplifying its approach in 2022.
4) The Chancellor noted the FPC’s judgements relating to Cryptoassets, and that innovation in this area could bring a number of benefits, if undertaken safely.