FPC publishes policy summary

BoE has published the FPC’s financial policy summary and record. Key points to note are:

• the deterioration in the outlook for growth in the UK and globally since the July Financial Stability Report;
• the temporary and targeted purchase of UK Government bonds to mitigate the severe risks to UK financial stability;
• the likelihood that SMEs, which tend to have floating rate loans, will see the quickest impact in changes to interest rates; and
• the decision to maintain the UK CCyB at 2% from July 2023.