Treasury Committee
14 July 2026
Speaker dots
- Speakers in the chapter
- Colour: political group
- Grey: no group
Tap or click a chapter's dots to see names and groups.
Contents updated on 14 Jul 2026
Legend
Transcript markers
- text Sentence being played
- text Search result
- text Intervention cited by the link you opened
Click a sentence to play the video from that moment. Select text to quote it with the speaker, timestamp and link.
More options
Official source
Offset
Transcript offset
0s
Text size
Export
Live capture
Versions of this video
Transcripts may differ slightly from one version to another.
Treasury Committee Actual start House of Commons
16:21 - 17:12
Speaker 1
Order, order. Welcome to the Treasury Select Committee on Tuesday the 14th of July 2026. We're here today to consider the Bank of England's Financial Stability Report, one of our regular sessions with the Governor.
And I'm delighted to welcome Andrew Bailey, the Governor of the Bank of England, who's joined by, from my left to right, Randall Kroszner, who's an external member of the Financial Policy Committee at the Bank, and Nathanaël Benjamin, who is Executive Director for Financial Stability and Strategy and Risk at the Bank of England, and Stephen Blyth, who's another external member of the Financial Policy Committee at the Bank. Governor, if I could just start with you. You told us when we spoke to you in January that the risks of financial stability had increased in 2025 for the obvious reasons, all the geopolitical events that we've all witnessed. Do you think they've increased further since then?
17:12 - 17:20
Speaker 2
Yes, for a number of reasons, actually. But I'll pick out two.
17:20 - 18:05
Speaker 3
One is obviously developments in the world economy and particularly developments in the Gulf and the Middle East conflict, which I don't think actually directly increases the sort of structural issues that we've identified in the past, but obviously increases the risk of things crystallizing and also I think increases the impact when things were to crystallize. So that's the first thing. The second thing, which obviously I have written to you about in the last week, is I would say is the big new development, which is the news on frontier AI and the cyber risk consequences of that. So I think unfortunately it's a sort of unambiguous yes to your question.
The rest of the transcript is for Pro customers
Unlock the full transcript, chat, and every analysis feature with Polyfact Pro.
The video itself stays free to watch, in full, no account needed.
Ask anything about this video — I analyse its transcript to answer.