Economic Situation

HM Treasury written question – answered on 20th October 2014.

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Photo of Nick Brown Nick Brown Labour, Newcastle upon Tyne East

To ask Mr Chancellor of the Exchequer, whether the Governor of the Bank of England in his role as Chairman of the Financial Stability Board has recently raised with him risks to the financial stability of the UK.

Photo of Andrea Leadsom Andrea Leadsom The Economic Secretary to the Treasury

The Financial Stability Board (FSB) works to establish and promote the implementation of effective financial sector policies that build financial stability at the international level. The FSB monitors and assesses vulnerabilities affecting the global financial system and proposes actions needed to address them. One of the ways it does this is through the semi-annual joint early warning exercise in conjunction with the IMF.

The risks raised by the FSB tend to be relevant to the UK, as a global financial centre. In his role as Chairman, the Governor of the Bank of England keeps G20 Finance Ministers, including the Chancellor of the Exchequer, updated on the activities of the FSB.

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