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MPs question Bank of England financial stability chief following September mini-budget

17 October 2022

The Treasury Committee are likely to explore the methodology of the Bank’s £65 billion facility to purchase UK government bonds in response to stresses in bond markets and pension funds exposed to liability-driven investments (LDI). Potential topics include the effectiveness of the Bank’s intervention, the role of the Treasury and its ministers in supporting financial stability in recent times, and how the Bank’s intervention will be unwound. 


Wednesday 19 October 2022, Grimond Room, Portcullis House

At 3.00pm

  • Sir Jon Cunliffe, Deputy Governor, Financial Stability, Bank of England

Accompanied by

  • Sarah Breeden, Executive Director, Financial Stability Strategy and Risk, Bank of England
  • Andrew Hauser, Executive Director, Markets, Bank of England

At 4.30pm

  • David Roberts CBE, Chairman, Beazley, and incoming Chair of the Court of Directors, Bank of England

The Committee is also likely to seek Sir Jon’s view on the effectiveness of the Bank’s communications around its financial stability interventions, and what impact its messaging may have had on market volatility.

Other potential topics include what pre-existing knowledge or concerns the Bank had around the risks posed by LDI pension strategies, and whether the issues emerging from them may be the first case of a financial crisis triggered by the end of ultra-low interest rates.

A second session will then be held at approximately 4:30pm, scrutinising the appointment of David Roberts for the role of the Chair of the Court of Directors of the Bank of England.

The Bank’s Court sets the organisation’s strategy and budget, and takes key decisions on finance, resourcing and appointments. MPs will assess Mr Roberts’ personal independence and appropriate professional competence for the role.

Further information

Image credit: PA