The Chancellor of the Exchequer has sent an official letter to the Governor of the Bank of England containing recommendations for the Financial Policy Committee (FPC) in the context of the 2026 budget. Such letters are part of an annual procedure through which the government formulates strategic guidelines for the committee's work, which is responsible for identifying and mitigating systemic risks in the country's financial system. The FPC is part of the Bank of England's structure and plays a key role in ensuring the resilience of the UK's financial sector. The committee analyzes macroeconomic and financial risks, develops measures to mitigate them, and coordinates actions with other regulators. The Chancellor's recommendations traditionally reflect the government's priorities in economic and financial policy for the coming period, including issues of lending, banking sector resilience, and support for economic growth. The publication of such a letter is standard practice accompanying the submission of the state budget. It ensures transparency in the interaction between the government and the central bank while preserving the Bank of England's independence in making operational decisions. The document does not contain direct instructions on monetary policy, but rather sets the framework within which the FPC will assess risks to financial stability in the current economic cycle. The recommendations are expected to take into account the current macroeconomic situation in the country, including inflation rates, the state of the real estate market, and the banking system's resilience to external shocks. Such letters regularly become the subject of analysis by economists and financial market participants, as they provide insight into the government's economic policy priorities for the coming years.