Chancellor George Osborne (pictured) has called for a joint national effort to meet the economic challenges currently facing the UK.
Earlier today Osborne held a meeting with senior executives from some of the UK’s top banks to consider their response to the challenges which have arisen following the EU referendum.
And following the FPC’s decision to change capital adequacy requirements to release funds for business and household lending the banks have committed to making the extra capital available.
In a joint statement the lenders and Chancellor said: “While we are realistic about the economic challenge facing the country after the referendum result; we are reassured that collectively we can rise to it.
“The last time Britain faced an economic shock the banks were at the heart of the problem.
“Thanks to the hard work of rebuilding the banks, making them stronger and safer, and the arrival of new challenger banks – banks and building societies are now part of the solution.
“The government gave the Bank of England new counter-cyclical capital buffer powers to support lending in the financial system in the good times and bad. The independent FPC of the Bank of England have today used those powers.
“The Chancellor called for a joint national effort to meet the economic challenge. Today we see that effort take place.”
Attendees Jayne-Anne Gadhia (CEO, Virgin Money), Baroness Vadera (chairman, Santander UK), Douglas Flint (chairman, HSBC), Craig Donaldson (CEO, Metro Bank), Howard Davies, (chairman, The Royal Bank of Scotland Group), David Roberts (chairman, Nationwide Building Society), John McFarlane (chairman, Barclays) and Alan Dickinson (non-executive director, Lloyds Banking Group)