is done, a resolution is always going to be complex to carry out and is almost certainly going to be messy to execute. in 2023 we have seen the successful application of key elements of the resolution toolkit including stabilisation and write - down powers, without using public funds. but given our experience this year we must continue to invest in our toolkit and in places enhance it to ensure we have the optionality we need so that the regime remains credible. in that way we can ensure that progress on overcoming too big to fail continues for the largest banks. while ensuring that smaller banks don't become a new source of systemic risk. this year has been a reminder that we may need to use our powers at any time. in future we may not even have an actual weekend to deliver the resolution. to safeguard feasibility we and the firms we supervise need to maintain a high degree of operational readiness and continue to ensure resolvability as a foundation of financial stability. with thanks to freya ball, mary bentley, tom carr, rupal patel, amandeep rehlon, amy sinclair and ruth smith for their assistance in preparing these remarks and to andrew bailey, sarah breeden, ali moussavi, rob zammit and many other colleagues for their helpful comments. 1 the house of commons library research briefing bank rescues of 2007 - 2009 : outcomes and costsopens in a new window summarises the actions that were taken. 2 the resolution regime for central counterparties was enhanced earlier this year through the financial services and markets act. like the bank resolution regime, it is now also in line with the international standards set out by the fsb in the key attributes. hm treasury recently consulted on proposals for an insurer resolution regime opens in a new window. 3 the building society insolvency procedure applies to building societies. 4 minimum requirement for own funds and eligible liabilities. 9 / 9 bis - central bankers'speeches

what are the risks that oil prices will stay around their current level for a time – and maybe go even higher? it ’ s hard to say – but the market is not discounting the possibility of even higher oil prices. options prices point to an increase in near - term uncertainty – and an increasing concern about further large price rises. using us consumer expenditure deflator to adjust for inflation. there are risks on the downside too : the last time the world economy slowed significantly, oil prices slumped. could a slowdown in the world economy cause oil prices to collapse again? projections for the growth in oil demand over 2007 and 2008 have been revised downwards a little recently. but much may depend on the pattern of any slowdown – and in particular whether china continues to expand strongly even as the us economy slows. what ’ s the likely impact of higher oil prices on the uk economy? twenty or thirty years ago, sharp increases in energy prices coincided with much higher inflation and much lower growth. over the last four years, our experience has been very different : inflation has been better behaved, and growth much steadier. there are several reasons for that, including major changes to the energy intensity and flexibility of the uk economy. but one important difference has been monetary policy. unlike in the 1970s, the mpc ’ s focus has very clearly been on controlling inflation. today, higher energy prices are an important influence on interest rate decisions. that is because they have an immediate impact on inflation, which has the potential to fuel inflationary expectations. and they may also affect the balance between overall demand and supply, though it is hard to judge the timing and size of this effect. soaring oil prices were an important reason why some members of the mpc, including myself, were reluctant to cut interest rates when the economy slowed in 2005. the policy dilemma today, in 2007, global developments – in financial and oil markets – are posing downside risks to output as well as upside risks to inflation. that ’ s a very difficult combination. so how well placed is the uk economy to weather these headwinds? as far as output goes, we start from a strong position. the latest official figures show annual growth still above its average rate, as it has been for more than a year, reflecting robust domestic spending by households and businesses as well as a buoyant world economy. but in the last month, the businesses surveys have started to weaken – a few quite sharply. and retail spending may