At the same time unemployment, already high to begin with, will continue to rise especially in the large economies. Europe’s problem is that its potential growth rate is only a sluggish 2 to 2½ %. In the event of a global downturn, Europe will therefore quickly be pushed to the brink of economic stagnation. The priority must therefore be to increase potential growth.
Following their meeting in June 2013, the FPC issued a recommendation requesting that Her Majesty’s Treasury and the regulators work with the core of the UK financial system and its infrastructure to put in place a programme of work to improve and test resilience to cyber-attack.