Treasury Committee
14 July 2026
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Treasury Committee House of Commons
00:02 - 00:53
Speaker 4
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 Randall, 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?
00:53 - 01:46
Speaker 1
Yes, for a number of reasons actually, but I'll pick out two. 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.
01:46 - 02:01
Speaker 3
Well, we'll come to AI in more detail later. Now, obviously the conflict in the Middle East, we keep having a ceasefire and then it's not a ceasefire. What's your prediction for how that's going to impact the long-term situation in the UK economy?
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