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Financial Policy Summary has no major surprises

BOE

No major surprises in the Financial Policy Summary. Highlights below:

  • "Businesses, including many small and medium-sized enterprises, still need to finance cash-flow deficits this year, even as the economy recovers. And it will be important for lenders to work flexibly with household borrowers as payment deferral schemes unwind."
  • "The banking system has the capacity to continue to provide that support, even if economic outcomes are considerably worse than currently expected."
  • In line with previous guidance: "The FPC is maintaining the UK countercyclical capital buffer (CCyB) rate at 0% and expects to maintain the 0% UK CCyB rate until at least December 2021. Any subsequent increase would therefore not be expected to take effect until end-2022 at the earliest"
  • Nothing new on LIBOR, just reiterating the end dates already announced by the FCA and the consulations already announced.
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