Download Box 1: The FPC*s 2017 Q2 UK countercyclical

Executive summary:
The FPC’s 2017 Q2
UK countercyclical
capital buffer rate
decision
Chart A Credit directly financed by the banking system has grown
broadly in line with nominal GDP over the past two years
Growth in credit to households and firms compared with nominal GDP growth
Sources: ONS and Bank calculations.
(a) Quarterly twelve-month growth rate of monetary financial institutions’ sterling net lending to private non-financial corporations and households (in per cent) seasonally
adjusted.
(b) Twelve-month growth rate of nominal GDP.