Financial Policy Committee Record - December 2025
Our Financial Policy Committee (FPC) meets to identify risks to financial stability and agree policy actions aimed at safeguarding the resilience of the UK financial system.
Our Financial Policy Committee (FPC) meets to identify risks to financial stability and agree policy actions aimed at safeguarding the resilience of the UK financial system.
Summers’ influence was immense, but so were his blind spots. It’s time for economics that values people and the planet over power and prestige.
The era of Larry Summers’ dominance in American economics is over. It’s a good moment to take stock.
vitaly gariev/UnsplashToo many superannuation funds are still failing to provide sufficient support to retirees, three years after being urged to lift standards, Australia’s top regulators have warned.
This failure to prepare comes despite the massive demographic wave of Australians already in or about to enter retirement.
Statistical Notices update the definitions and guidance contained in the Banking Statistics Yellow Folder
Every meeting should start with a simple question: why are we meeting? Dotshock/ShutterstockAnyone working in an organisation knows it: meetings follow one after another at a frantic pace. On average, managers spend 23 hours a week in meetings. Much of what happens in them is considered to be of low value, or even entirely counterproductive.
Andrzej Rostek/ShutterstockChancellor Rachel Reeves has delivered her second budget, in which she raised taxes by £26 billion. This will take the UK tax burden to an all-time high of 38% of GDP by 2030-31. But it will also more than double Reeves’ “fiscal headroom” to £22 billion.
Wealthy New Yorkers have threatened to leave the city if Mayor-elect Zohran Mamdani follows through on his promise to raise taxes on the rich. Charly Triballeau/AFP via Getty ImagesNew York’s mayor-elect, Zohran Mamdani, campaigned on a promise to raise the city’s income tax on its richest residents from 3.9% to 5.9%.
Letter from the Chancellor to the Governor
I study how demand-supply narrative disagreement between general and specialized newspapers can explain households’ absolute gap in inflation expectations with experts. I measure inflation narratives via a Causality Extraction algorithm that can identify causal relationships between events in a text and, hence, extract the perceived triggers of inflation. Causal relations can explain why narratives affect people’s beliefs and cannot be captured by dictionary methods, topic models, and word embeddings.
I study how demand-supply narrative disagreement between general and specialized newspapers can explain households’ absolute gap in inflation expectations with experts. I measure inflation narratives via a Causality Extraction algorithm that can identify causal relationships between events in a text and, hence, extract the perceived triggers of inflation. Causal relations can explain why narratives affect people’s beliefs and cannot be captured by dictionary methods, topic models, and word embeddings.