The Bank of England urged banks to support the economy by lending to productive businesses as the Covid-19 continued to pose challenges for both households and businesses.

According to the summary of the Financial Policy Committee meeting, the UK banking system is resilient to keep supporting households and businesses.

Banks have more capacity to lend as the BoE reduced the cushion of capital that banks need to hold to absorb potential losses.

The FPC observed that businesses will need more support in the months ahead even as the UK economy recovers.

Further, the FPC said it remained committed to working with EU authorities towards a safe and open financial system. Close cooperation between regulatory authorities is essential to manage financial stability risks.

The material has been provided by InstaForex Company – www.instaforex.com

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