Bank of England launches system-wide stress-test scenario

Exercise is first-of-its-kind look at macro-prudential impact of shocks to banks and non-banks

Bank of England
Photo: Juno Snowdon Photography

The Bank of England opened the second phase of its system-wide exploratory scenario (SWES) programme today (November 10).

The scenario, developed by BoE staff, draws on recent financial crises to produce its hypothetical calamity. These include the outbreak of the Covid-19 pandemic and the autumn 2022 gilts crisis unleashed by the September “mini-budget” that year.

The SWES programme assesses how the UK financial system would react to an economic shock at a macro-prudential level. Unlike

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