Q: On climate change stress tests, what.........>

BOE: Q: On climate change stress tests, what feedback have you had from

industry? What do you want to achieve?

- A: Feedback is ongoing. Banks and insurers are very engaged. Important to

emphasise these are not 'gotcha' stress tests on capital ratios, risk-weighted

assets etc but on strategy of institutions given rising physical consequences of

climate change. This is entirely related to macro-prudential responsibilities of

the Bank of England and know other CBs will do similar exercises to make sure

systems have resilient strategies.

- Q: You said less a case of so far so good, but so far, good enough. Does this

suggest fewer downside surprises will warrant a rate cut?

- A: There's a lot of data between now and next decision. Committee will look

carefully to see if hard data follows surveys. Budget/spending plans also due

which will help judgements.