The Bank of England (BoE) reports that during 2024, international leveraged loan activity grew exponentially due to strong investor demand; while leveraged loan spreads were compressed. This loan spread compression has raised the risk of a sharp repricing, potentially affecting the cost and availability of new financing for highly leveraged companies reliant on the leveraged loan market.

Law360: The UK's financial stability watchdog said on 27 March 2024 that measures introduced in the wake of the pension fund crisis 18 months ago have bolstered resilience to further shocks.

The Bank of England (BoE) has published a speech by the external member of the Financial Policy Committee (FPC), Carolyn Wilkins, delivered at Fitch Ratings, Canary Wharf. Wilkins highlights the risks of geopolitical threats and cyber-attacks to financial stability, emphasising resilience, diagnosis, and preparedness. She notes the shaken belief in global economic integration and the need for collaboration to build resilience, especially given the UK's vulnerability. Wilkins stresses robust regulatory standards and government capacity to manage risks, with a focus on understanding economic interdependencies and improving assessment methods.

The Bank of England (BoE) has published a speech by Lee Foulger, head of markets, titled ‘Strengthening resilience in gilt and gilt repo markets’. The speech builds on the BoE's earlier discussion paper on potential reforms to enhance the resilience of the UK government bond (gilt) repo market, developed in close consultation with the Financial Conduct Authority (FCA).  Foulger highlights key insights from industry engagement, addresses concerns about possible unintended consequences, and encourages stakeholders to feedback on proposed reforms.

The Bank of England (BoE) has published a speech by its executive director of insurance supervision, Gareth Truran, at the 22nd Westminster and City Annual Bulk Annuities Conference. Truran sets out three priorities for the bulk purchase annuity (BPA) sector: supporting investment, maintaining resilience, and improving transparency. Truran addresses the PRA’s early experience of Solvency UK, focusing on reforms to the Matching Adjustment (MA) regime and to PRA changes to its supervisory engagement including a dedicated MA Permissions Team which aims reach decisions on MA applications quickly and efficiently. Truran also addresses the PRA’s engagement with the National Wealth Fund and its proposed investment accelerator.

The Bank of England (BoE) has published a speech by its deputy governor for markets and banking, Dave Ramsden, delivered at the Innovate Finance Global Summit 2025. The speech outlined the BoE’s strategy for modernising wholesale payments. Ramsden emphasised that the renewed Real Time Gross Settlement (RTGS) system is designed to reduce market frictions, improve resilience, and enhance user functionality. The platform is intended to enable greater interoperability and extend access to central bank money, including for non-bank payment service providers.

The Bank of England (BoE) has published a speech by its Executive Director for Banking, Victoria Cleland, outlining the BoE’s ongoing work to modernise wholesale settlement infrastructure. She also introduces the Synchronisation Lab, a new initiative intended to support experimentation with atomic settlement using central bank money. Applications for the Synchronisation Lab are open until 28 November 2025, with the Lab scheduled to go live in Spring 2026 for a six-month period.

The Bank of England (BoE) has published a speech delivered by its director of financial market infrastructure (FMIs), Sasha Mills. Mills outlined the BoE’s priorities for FMI regulation in 2025, focusing on ensuring operational and financial resilience and facilitating innovation in payments, settlement and clearing.

The Bank of England (BoE) has published a speech by its deputy governor for financial stability, Sarah Bredeen, delivered at the BoE and Warwick Business School Innovation in Money and Payments Conference. Breeden outlines a proposed payments framework designed to enable a seamless exchange between various forms of money, including traditional and tokenised commercial bank deposits, stablecoins and central bank money,  and at the same time protect financial stability and trust in money.

The Bank of England (BoE) has published a speech delivered by its executive director of payments, Victoria Cleland, at the Pay 360 2025 event, emphasising the importance of innovation in wholesale payments to build a resilient and innovative future. Cleland stated that the BoE focused on financial and monetary stability and that the BoE’s goal is to ensure that innovation develops in a way that supports continued resilience and broader financial stability. She highlighted the need to modernise the payment infrastructure, expanding access to the real-time gross settlement (RTGS) service, adopting the ISO 20022 global messaging standard, and engaging in experimentation with new technologies. Cleland stated that these initiatives aim to enhance efficiency, resilience, and inclusivity in the payments landscape, ultimately benefiting society and supporting economic growth.

The Bank of England (BoE) has published a speech delivered by its governor, Andrew Bailey, addressing the significant changes in financial market activity and their implications for financial stability. Bailey highlights the growing role of non-banks and market-based finance, and introduced two key innovations: the System-Wide Exploratory Scenario (SWES) exercise and the Contingent non-bank financial institution (NBFI) Repo Facility (CNRF). Bailey also pointed out potential vulnerabilities in the financial system due to increased leverage, interconnectedness, and opacity in certain markets. He emphasised the necessity of adapting assessment tools and intervention methods to keep pace with the evolving financial landscape, stressing the importance of global standards and the evolving role of central banks in providing liquidity.

Law360: The Bank of England (BoE) has said that the pensions sector has significantly improved its financial and operational resilience since the crisis that hit liability-driven investment (LDI) funds in 2022.