These powers of Direction would be in addition to the FPC’s powers of Recommendation. HM Treasury had requested that the Committee give this advice in the first half of 2012. At its meeting on 16 March, the FPC agreed this advice and it is contained in its statement from the meeting (see link below).
Also linked below is the letter sent by the Governor to the Chancellor relating to the advice, and the reply from the Chancellor to the Governor.
The Committee also considered the outlook for financial stability, including progress in implementing its previous recommendations, which is also described in the statement.