Russia’s invasion of Ukraine is increasing economic uncertainty in the UK and globally
The Bank of England condemns Russia’s unprovoked invasion and the suffering inflicted on Ukraine. The Bank is working closely with the Government to support its response in coordination with the FCA as well as other UK and international authorities. The Bank’s Financial Policy Committee (FPC) supports this condemnation and welcomes these actions.
The invasion is increasing economic uncertainty and will increase pressure on borrowers. For example, sustained increases in energy prices resulting from the conflict are likely to put pressure on household incomes and business earnings.
The FPC is monitoring developments in the financial system closely. It stands ready to take any measures necessary to help ensure UK financial stability.