FPC March update

The BoE has published:

• the FPC’s financial policy summary and record for March: this concludes that conditions remain challenging and asset prices are stretched with the risk of a sharp correction in a broad range of asset prices increasing. However, to date households and businesses have been resilient to the impact of higher interest rates and the banking system remains strong enough to provide the support it needs to, even if the economy worsens further. As a result, the CCyB will remain unchanged at 2%; and
• details on the FPC’s approach to operational resilience: this work aims to bridge the gap between firm-level and system-wide operational resilience.