The Bank of England has issued a stark warning on the financial outlook for the UK and global markets, but told financial institutions that it would be “counterproductive” to shore up their balance sheets by withholding new loans.
The warning on Tuesday, contained in the BoE’s quarterly financial stability update, comes as the UK faces its highest inflation rates in 40 years, adding to concerns that households and businesses will struggle to pay their debts.
“Since the last financial stability report, the global economic outlook has deteriorated markedly,” said Andrew Bailey, the BoE’s governor. “Developments in the Russian invasion of Ukraine have been a key factor affecting the global outlook.”
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