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00:00Since the last episode which we published in December last year the global economic outlook has deteriorated markedly. Global financial conditions as a whole have tightened significantly. This is in part due to central banks across the world having tightened monetary policy in response to the outlook for inflation. Market interest rates and corporate bond spreads have also risen in part reflecting expectations of further tightening policy. And developments in Russia's invasion of Ukraine are a key factor affecting the global outlook. That said. Banks continue to hold overall capital and liquidity resources sufficient to support lending to the UK economy even in severe economic outcomes. And those severe economic outcomes can include weaker economic growth globally. A further sharp tightening in global financial conditions and the potential for further volatility and stress in financial markets. So despite the weaker outlook the U.K. banking system remains strong and in line with expectations. Although capital ratios declined in the first quarter of this year and are expected to fall back slightly over coming quarters all of which was expected. I want to underline this point that we have a resilient system.

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BOE's Bailey Says Global Economic Outlook Has Deteriorated Markedly

Bank of England Governor Andrew Bailey says the global economic outlook has “deteriorated materially” and cited Russia's invasion of Ukraine as a "a key factor that will affect the global outlook.” He made the remarks at a press conference following the publication of the BOE’s report into financial stability. (Source: Bloomberg)

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