The governor of the Bank of England said Tuesday that the global economic outlook has “deteriorated materially” and warned of possible further shocks to come.
"It is the right time to lock in resilience so that we are well prepared for future possible shocks," he added.Tuesday, in which it outlined a number of risks to the U.K.'s economic outlook. Those include ongoing disruption to food and energy markets as a result of the war, high household and government debt, as well as the continued impacts of Covid-19 in China.
"These higher prices, weaker growth and tighter financing conditions will make it harder for households and businesses to repay or refinance debt," he said. Bailey said the Bank's Financial Policy Committee would be willing to continue readjusting the rate as needed. Bailey also said the BOE would move ahead with its annual stress test in September, evaluating the U.K. banking system's ability to handle various potential risks, including higher interest rates, asset price falls and"deep" recessions.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank of England calls for 'enhanced' crypto regulatory frameworkThe UK's central bank called for regulatory clarity on crypto and reiterated its expectations for stablecoins in its latest financial stability report.
Read more »
Bank of England Panel Calls for Enhanced Crypto Regulation to Limit ContagionThe bankofengland Financial Stability Committee called for enhanced regulation to mitigate against the risks that crypto assets might pose to the wider financial system. camomileshumba reports.
Read more »
Asia-Pacific Markets Mixed in Early Trade; Central Bank Decisions Ahead This WeekAsia-Pacific Markets Set to Open Higher; Central Bank Decisions Ahead This Week
Read more »
WSJ News Exclusive | China’s Covid Isolation Spurs Beijing-Based Development Bank to Open Overseas OfficeAbu Dhabi is among the preferred locations for an interim office of the Asian Infrastructure Investment Bank, according to people briefed on the matter, as the multilateral lender grapples with China’s strict Covid rules on overseas travel.
Read more »
Asian Development Bank Sees Increase In EV Sales In The Region, Recommends Strategies“Fully harness the EV momentum,” says the Asian Development Bank (ADD) in its “E-Mobility Options for ADB Developing Member Countries,
Read more »