Budget 2021: Chancellor outlines BoE remit

Rishi Sunak has written to BoE Governor, Andrew Bailey, outlining the remit and recommendations for the Financial Policy Committee (FPC) for 2021. The FPC should:

• support the government in maintaining the resilience and stability of the UK financial system, particularly in response to the Covid-19 pandemic;
• support the government’s economic objective of achieving strong, sustainable and balanced growth;
• support the government’s economic policy towards the financial services industry post-Brexit;
• continue to act with a view to building the resilience of the UK financial system to the risks from climate change; and
• support the government’s ambition of a greener industry, using innovation and finance to tackle climate change.