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Offshore Industry: Loans

Question for HM Treasury

UIN 34368, tabled on 18 April 2016

To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of the rising default rate of companies in the oil and gas sector on their high-yield loans on wider stability of the financial sector.

Answered on

22 April 2016

The Chancellor has set out the government’s view on the challenges facing the UK economy at budget on 16 March 2016. The transcript of the speech is available from:

www.gov.uk/government/speeches/budget-2016-george-osbornes-speech

In addition, the Bank of England’s December 2015 Financial Stability Report sets out analysis on the exposures of UK banks to commodity sectors. The full report can be found here:

www.bankofengland.co.uk/publications/Pages/fsr/2015/dec.aspx

Answered by

Treasury