Phil Boswell – 2016 Parliamentary Question to the HM Treasury
The below Parliamentary question was asked by Phil Boswell on 2016-02-19.
To ask Mr Chancellor of the Exchequer, what assessment he has made of (a) the effects on financial institutions with high energy exposure of the falling price of oil and (b) the effect of that falling price on businesses in the North Sea.
Harriett Baldwin
The Chancellor set out the government’s view on the challenges facing the UK economy in a speech on 7 January. The transcript of the speech is available from www.gov.uk/government/speeches/chancellor-on-challenges-facing-uk-economy-in-2016. The Chancellor and other Ministers meet regularly with regulators and the Bank of England. In addition, the Bank of England’s Financial Stability Report sets out an analysis, which can be found here:
http://www.bankofengland.co.uk/publications/Pages/fsr/2015/dec.aspx
The Financial Policy Committee’s (FPC) stress test results in December 2015 suggest that the major UK banks would be resilient to a sustained commodity price downturn.
The UK now has a robust system of financial regulation, where the regulators have clear objectives and powers to deal with risks to the financial sector. The Government established the FPC to identify, monitor and address systemic risks to financial stability.
