HM Treasury released minutes of Chancellor of the Exchequer Rachel Reeves’ meeting with the Governor of the Bank of England to discuss the Financial Policy Committee’s assessment of the UK financial stability outlook set out in the July 2025 Financial Stability Report. The minutes record that the Financial Policy Committee judged risks and uncertainty linked to global trade policy, geopolitical tensions and sovereign debt to be elevated, with some geopolitical risks beginning to crystallise and a higher likelihood of severe global shocks. The report highlighted market volatility following US tariff announcements and noted that ongoing conflicts could disrupt oil prices. Despite these risks, the committee’s central assessment was that UK households and corporates were resilient in aggregate and that the UK banking system remained in a strong position to support households and businesses even if conditions became substantially worse than expected.
HM Treasury 2025-10-30
HM Treasury publishes minutes of Chancellor’s meeting with the Bank of England Governor on the July 2025 Financial Stability Report
HM Treasury released minutes from a meeting between Chancellor Rachel Reeves and the Bank of England Governor, discussing the Financial Policy Committee's assessment of UK financial stability. The committee identified elevated risks from global trade policy, geopolitical tensions, and sovereign debt, with some geopolitical risks beginning to crystallise. Despite these challenges, the UK banking system is deemed strong enough to support households and businesses under worsening conditions.