Correspondence

Remit and recommendations for the Financial Policy Committee: Autumn Statement 2023

Letter from the Chancellor of the Exchequer to the Governor of the Bank of England providing recommendations for the Financial Policy Committee (FPC).

• From: HM Treasury and The Rt Hon Jeremy Hunt MP
• Published: 22 November 2023

This was published under the 2022 to 2024 Sunak Conservative government

Documents

Financial Policy Committee Remit and Recommendations: Autumn Statement 2023

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Financial Policy Committee Remit and Recommendations: Autumn Statement 2023

PDF, 89.6 KB, 7 pages

Details

The FPC acts as the UK’s macroprudential authority. It is tasked with ensuring that emerging risks and vulnerabilities across the financial system are identified, monitored and effectively addressed.

The Bank of England Act 1998 requires the government to provide the FPC with a written remit and recommendations at least once a year.

The remit specifies the government’s economic policy and provides guidance to the FPC on its objectives and functions.

The FPC is required to respond to the government, setting out any action it has taken or intends to take in response to a specific recommendation and, if appropriate, any reasons why it does not intend to act on a recommendation.

Published 22 November 2023