Bank of England says UK financial system is stable but external risks are high

Financial Stability Report Press Conference 30 November 2016
Opening remarks by the Governor
Bank of England
…The most significant risks to UK financial stability are global.
…The UK financial system has demonstrated its ability to dampen, rather than amplify, the impact on the real economy of a series of shocks. Its resilience has been further reinforced by the 2016 stress test, and may prove valuable given the elevated likelihood that some UK- specific risks to financial stability could materialize.
It will take time to clarify the UK’s new relationships with the EU and the rest of the world. And the orderliness of the UK economy’s adjustment to these changes will influence the risks to financial stability.
But irrespective of the United Kingdom’s future relationship with the EU, and consistent with its statutory responsibility, the FPC will continue to promote the resilience of the UK financial system. This will require a level of resilience at least as great as currently planned, which itself exceeds that required by international baseline standards.
It is on this basis that the people of the United Kingdom can move forward with confidence that they can access the financial services they need to seize the opportunities ahead.
The November 2016 Bank of England Financial Stability Report is available here.

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