Systemic Risk Survey Results - 2023 H1

Overview

The Bank of England’s financial stability objective is to protect and enhance the stability of the financial system of the United Kingdom. The Systemic Risk Survey contributes to this objective by quantifying and tracking, on a biannual basis, market participants’ views of risks to, and their confidence in, the stability of the UK financial system.^{footnote [1]}

The survey is generally completed by executives responsible for firms’ risk management or treasury functions. The results presented are based on responses to the survey and do not necessarily reflect the Bank of England’s views on risks to the UK financial system. Participants include UK banks and building societies, large foreign banks, asset managers, hedge funds, insurers, pension funds, large non-financial companies and central counterparties. Summary statistics are calculated by giving equal weight to each survey response.

Additional background information on the survey is available in the 2009 Q3 Quarterly Bulletin article ‘Bank of England Systemic Risk Survey’.

This report presents the results of the 2023 H1 survey, which was conducted between 6 January and 3 February. Any impact from more recent developments will therefore not be captured.

Seventy-two firms participated in the 2023 H1 survey, representing a 76% response rate.

Key results from 2023 H1 survey

• On balance, survey respondents remain confident in the stability of the UK financial system. Net confidence has decreased since the 2022 H2 survey (conducted between 27 July and 26 August) but remains higher than the 2016–19 average.
• The perceived probability of a high-impact event affecting the UK financial system in both the short term and medium term has decreased, but the net perceived probability of such an event remains higher than the 2016–19 average.
• The proportion of respondents citing geopolitical risk has increased in every survey since 2019 H2, and it is now the most frequently cited risk category, having overtaken the risk of a cyber attack.
• Inflation risk remains among the most frequently cited risks, but results suggest that concern around this risk has fallen from its peak in the 2022 H2 survey.
• Climate change and risks associated with a UK economic downturn are more frequently cited as key risks compared to the previous survey, the latter continuing an upward trend since the 2021 H2 survey.
• The risk of cyber attack, geopolitical risk and inflation risk are still considered the most challenging to manage by a significant margin.

Confidence in the UK financial system

Respondents were asked about the level of confidence they have in the stability of the UK financial system as a whole over the next three years.

Chart 1 represents the results in one weighted measure, while the figures below and in Table A1 refer to simple percentages.

Net confidence among financial market participants has decreased, but remains higher than the 2016–19 average.

• Forty-three per cent of respondents report that their confidence in the UK financial system has decreased over the past six months, while half report that their confidence is unchanged.
• Seven per cent report an increase in their confidence in the UK financial system over the past six months.
• The proportion of respondents judging themselves as completely or very confident has fallen back to the 2016–19 average (25%, -17 percentage points relative to the 2022 H2 survey).
• Sixty-nine per cent of respondents judge themselves as being fairly confident in the UK financial system (+14 percentage points).

Chart 1: Confidence in the stability of the UK financial system as a whole over the next three years ^(a)

Footnotes

• Sources: Bank of England Systemic Risk Surveys and Bank calculations.
• (a) Respondents were asked how much confidence they had in the stability of the UK financial system as a whole over the next three years. The net percentage balance is calculated by weighting responses as follows: complete confidence (1), very confident (0.5), fairly confident (0), not very confident (-0.5) and no confidence (-1). Bars show the contribution of each component to the net percentage balance.

Probability of a high-impact event in the UK financial system

Respondents were asked for their view on the probability of a high-impact event in the UK financial system in the short and medium term.^{footnote [2]}

Charts 2 and 3 represent results in one weighted measure, while the figures below and in Table A1 refer to simple percentages.

Respondents judge that the likelihood of a high-impact event has decreased over the short term and medium term.

Over the short term (0–12 months):

• Just over half of all respondents consider the likelihood of a high-impact event to be high (46%, -2 percentage points) or very high (6%, -8 percentage points).
• Respondents judging a medium, low or very low likelihood of a high impact event increased to 49% (+10 percentage points).
• Fifty-one per cent believe that a high-impact event has become more likely compared to six months ago.
• Forty-nine per cent of respondents believe that a high-impact event is either just as likely (35%, +20 percentage points) or less likely to occur than six months ago (14%, +12 percentage points).

Chart 2: Probability of a high-impact event in the UK financial system over the short term ^{(a) (b)}

How respondents think this probability has changed over the past six months ^{(a) (b)}

Footnotes

• Sources: Bank of England Systemic Risk Surveys and Bank calculations.
• (a) Respondents were asked the probability of a high-impact event in the UK financial system in the short term. And also how they thought this probability had changed over the past six months. From the 2009 H2 survey onwards, short term was defined as 0–12 months.
• (b) The net percentage balance in the upper chart is calculated by weighting responses as follows: very high (1), high (0.5), medium (0), low (-0.5) and very low (-1). The net percentage balance in the lower chart is calculated as the percentage of respondents that perceived an increase, less the percentage that perceived a decrease. Bars show the contribution of each component to the net percentage balance.

Over the medium term:

• Sixty-seven per cent of respondents judge that the probability of a high-impact event over the medium term is high or very high (-6 percentage points).
• Thirty-four per cent consider this likelihood to be medium, low or very low (+6 percentage points).
• Forty-two per cent of respondents believe that a high-impact event has become more likely compared to six months ago.
• Fifty-eight per cent consider the likelihood of a high-impact event to be unchanged, or lower, than six months ago.

Chart 3a: Probability of a high-impact event in the UK financial system over the medium term ^{(a) (b)}

How respondents think this probability has changed over the past six months ^{(a) (b)}

Footnotes

• Sources: Bank of England Systemic Risk Surveys and Bank calculations.
• (a) Respondents were asked the probability of a high-impact event in the UK financial system in the medium term, and how they thought this probability had changed over the past six months. From the 2009 H2 survey onwards, medium term was defined as 1–3 years.
• (b) See footnote (b) of Chart 2.

Sources of risk to the UK financial system

Respondents were asked to list the five risks they thought would have the greatest impact on the UK financial system if they were to materialise.

Answers were provided in free-text format, but have been grouped into the 25 categories shown in Table A2 in the data appendix to give an overview of the results.^{footnote [3]} Below is a list of all the risks that were cited by at least a quarter of respondents in the 2023 H1 survey (Chart 4):

1. Geopolitical risk (cited by 79% of respondents, +7 percentage points since the 2022 H2 survey).
2. Cyber attack (75%, +1 percentage points).
3. Inflation risk (53%, -19 percentage points).
4. Climate risk (39%, +16 percentage points).
5. Risks associated with a UK economic downturn (32%, +12 percentage points).
6. UK political risk (28%, -6 percentage points).

Geopolitical risk and cyber attack are the most frequently cited risks among financial market participants.

Relative to the 2022 H2 survey, fewer respondents consider inflation risk among those potentially most impactful, but it remains frequently cited.

The proportion of respondents citing climate risk is at the highest level recorded in the survey. The proportion citing UK economic downturn has continued an upward trend beginning 2021 H2.

Chart 4: Perceived key sources of risk to the UK financial system ^{(a) (b)}

Footnotes

• Sources: Bank of England Systemic Risk Surveys and Bank calculations.
• (a) Respondents were asked to list the five risks they thought would have the greatest impact on the UK financial system if they were to materialise. Answers were in a free-text format and were grouped into categories after the questionnaires had been submitted; only one category was selected for each answer. Chart figures are the percentages of respondents citing a given risk at least once, among respondents citing at least one key risk. The chart shows the top six categories; see the data appendix for additional categories.
• (b) Risks cited in previous surveys have been regrouped into the categories used to describe the latest data.

• The three most frequently cited risks – geopolitical risk, cyber attack and inflation risk were also those most frequently cited in the previous survey.
• The proportion of respondents citing geopolitical risk has increased in every survey since 2019 H2, and is the most frequently cited in this survey, with respondents citing a range of concerns including further escalation of Russia’s war with Ukraine.
• Respondents citing climate risk identified both risks from the transition to a low-carbon economy, as well as physical risks arising from climate related disasters like extreme weather events.
• Since the survey resumed after the Covid-19 pandemic, consideration of UK political risk among respondents has stabilised, but it remains high compared to the series prior to 2014.
• Outside of the top six risks above, significant changes include respondents citing risks around regulation and taxes, which has increased to 17% (+11 percentage points), while risk of falls in property prices is cited by 10% of participants (+7 percentage points).
• The share of respondents citing risk of tightening in credit conditions and pandemic risk both decreased to 8% (-9 percentage points and -23 percentage points, respectively).

The risks most commonly cited by market participants as number one risks to the UK financial system (Chart 5) were:

1. Geopolitical risk (cited by 28% of respondents, +11 percentage points since the 2022 H2 survey).
2. Inflation risk (25%, -13 percentage points).
3. Risks associated with a UK economic downturn (14%, +6 percentage points).
4. Cyber attack (10%, -7 percentage points).

Chart 5: ‘Number one’ sources of risk to the UK financial system ^{(a) (b)}

Footnotes

• Sources: Bank of England Systemic Risk Surveys and Bank calculations.
• (a) Respondents were asked to list the five risks they thought would have the greatest impact on the UK financial system if they were to materialise, in order of potential impact (ie greatest impact first). Answers were in a free-text format and were grouped into categories after the questionnaires had been submitted; only one category was selected for each answer. Chart figures are the percentages of respondents citing a given risk as their number one key risk, among respondents citing at least one key risk. The chart shows ‘number one’ sources of risk that have been cited by at least 20% of respondents in a given survey; see the data appendix for more detail.
• (b) Risks cited in previous surveys have been regrouped into the categories used to describe the latest data.

Most challenging risks to manage as a firm

Respondents were asked to indicate which three of the five risks they identified would be the most challenging to manage if they were to materialise.

The most cited risks are shown below (Chart 6):

1. Cyber attack (50% of respondents, -6 percentage points).
2. Geopolitical risk (49%, +1 percentage points).
3. Inflation risk (40%, -21 percentage points).
4. Risks associated with a UK economic downturn (24%, +11 percentage points).
5. Climate risk (15%, +2 percentage points).

Cyber attack, geopolitical risk and inflation risk are still considered to be most challenging to manage for a majority of firms.

Chart 6: Risks most challenging to manage as a firm ^{(a) (b)}

Footnotes

• Sources: Bank of England Systemic Risk Surveys and Bank calculations.
• (a) After respondents had listed the five risks they believed would have the greatest impact on the UK financial system if they were to materialise, they were asked which three of these risks they would find most challenging to manage as a firm. Answers were in a free-text format and were grouped into categories after the questionnaires had been submitted; only one category was selected for each answer. Chart figures are the percentages of respondents citing a given risk at least once, among respondents citing at least one key risk. The chart shows the top six categories only; see the data appendix for additional categories.
• (b) Risks cited in previous surveys have been regrouped into the categories used to describe the latest data.

• The three risk categories cited as most challenging are unchanged since the previous survey
• Outside of the top six risks shown above, notably more respondents cited changes in regulation and taxation as one of their most challenging risks (11%, +6 percentage points)
• The proportion of participants citing risks of tightening in credit conditions and disruption or dislocation in financial markets decreased by 8 percentage points compared to the 2022 H2 survey.

Key risks most likely to materialise

Respondents were asked to indicate which three of the five risks they thought would be the most probable to materialise.^{footnote [4]}

The most cited risks are shown below (Chart 7):

1. Geopolitical risk (54% of respondents, no change since 2022 H1).
2. Inflation risk (45%, -18 percentage points).
3. Cyber attack (38%, +1 percentage points).
4. Risks associated with a UK economic downturn (25%, +5 percentage points).

Chart 7: Risks most likely to materialise – as mentioned by respondents ^{(a) (b) (c)}

Footnotes

• Sources: Bank of England Systemic Risk Surveys and Bank calculations.
• (a) After respondents had listed the five risks they believed would have the greatest impact on the UK financial system if they were to materialise, they were asked which three of these risks they thought were most likely to materialise. Answers were in a free-text format and were grouped into categories after the questionnaires had been submitted; only one category was selected for each answer. Chart figures are the percentages of respondents citing a given risk at least once, among respondents citing at least one key risk.
• (b) Risks cited in previous surveys have been regrouped into the categories used to describe the latest data.
• (c) The risks presented in this chart include only those cited as most likely to materialise by at least 5% of respondents. Please refer to Table A4 in the data appendix for details.

• Geopolitical risk, inflation risk and cyber attack continue to be considered the most likely risks to materialise by respondents.
• Again, concern around inflation risk appears to have reduced, with an 18 percentage points decrease in respondents citing this as one of the most likely risks to materialise.
• Risk of tightening in credit conditions is considered likely to materialise by just 6% of respondents (-11 percentage points), while UK political risk is considered likely by 8% (-10 percentage points).
• The share of respondents citing risks associated with a UK economic downturn has increased by 5 percentage points, while those citing risks associated with an overseas downturn fell by 6 percentage points.

Data appendix

• Table A1

  Aggregate risks to the UK financial system ^{(a) (b)}

  	2018 H2	2019 H1	2019 H2	2021 H2	2022 H1	2022 H2	2023 H1
  Probability of a high-impact event in the UK financial system in the short term (c)
  Very high	13	6	15	3	1	14	6
  High	54	46	57	19	30	48	46
  Medium	29	35	21	48	46	35	33
  Low	3	12	6	24	21	3	14
  Very low	0	1	0	5	1	0	1
  Probability of a high-impact event in the UK financial system in the medium term (c)
  Very high	6	9	6	9	9	17	11
  High	54	42	57	43	37	55	56
  Medium	31	38	32	40	53	26	28
  Low	9	10	4	9	1	2	6
  Very low	0	1	1	0	0	0	0
  Change in the probability over the past six months of a high-impact event in the UK financial system in the short term (d)
  Increased	73	44	68	7	39	83	51
  Unchanged	27	51	31	57	51	15	35
  Decreased	0	5	1	36	10	2	14
  Change in the probability over the past six months of a high-impact event in the UK financial system in the medium term (d)
  Increased	38	26	43	22	33	69	42
  Unchanged	61	73	56	66	61	29	51
  Decreased	1	1	1	12	6	2	7
  Confidence in the stability of the UK financial system as a whole over the next three years (e)
  Complete confidence	1	1	0	0	1	0	1
  Very confident	22	30	33	50	44	42	24
  Fairly confident	70	63	60	45	51	55	69
  Not very confident	7	6	7	5	3	3	6
  No confidence	0	0	0	0	0	0	0
  Change in confidence over the past six months (f)
  Increased	1	2	4	22	9	0	7
  Unchanged	58	77	73	72	81	71	50
  Decreased	40	21	24	5	10	29	43

  Footnotes

  • Sources: Bank of England Systemic Risk Surveys and Bank calculations.
  • (a) Entries are percentages of respondents and may not sum to 100% due to rounding.
  • (b) The survey has been undertaken biannually since 2009, following a pilot survey conducted in July 2008. Between 2020 H1 and 2021 H1, the survey was paused due to Covid.
  • (c) Respondents were asked what the probability of a high-impact event in the UK financial system was in their view, for both the short and medium term. Since the 2009 H2 survey, short and medium term have been specifically identified as 0–12 months and 1–3 years respectively. These terms were not explicitly defined in earlier surveys.
  • (d) Respondents were asked how the probability had changed over the past six months for the short and medium term. Since the 2009 H2 survey, short and medium term have been specifically identified as 0–12 months and 1–3 years respectively. These terms were not explicitly defined in earlier surveys.
  • (e) Respondents were asked how much confidence they had in the stability of the UK financial system as a whole over the next three years.
  • (f) Respondents were asked how their confidence had changed over the past six months. The question was asked from 2010 H1 onwards.

• Table A2

  Sources of risk to the UK financial system ^{(a) (b) (c) (d)}

  	2018 H2	2019 H1	2019 H2	2021 H2	2022 H1	2022 H2	2023 H1
  Geopolitical risk	62	62	58	59	63	72	79
  Cyber attack	66	60	61	74	79	74	75
  Inflation risk	6	6	2	33	63	72	53
  Climate risk	1	4	15	33	24	23	39
  Risks associated with a UK economic downturn	30	23	23	12	14	20	32
  UK political risk	97	93	96	40	26	34	28
  Risks associated with an overseas/global economic downturn	30	38	38	14	6	20	22
  Operational risk	3	4	6	21	29	20	21
  Other	9	7	4	21	18	23	19
  Risks around regulation/taxes	16	19	17	21	9	6	17
  Risk of financial market disruption/dislocation	18	27	31	31	24	17	13
  Risk of property price falls	19	14	11	12	13	3	10
  Household/corporate credit risk	10	6	5	7	9	8	10
  Pandemic risk	0	0	0	57	51	31	8
  Risk of tightening in credit conditions	2	5	0	5	11	17	8
  Risks surrounding monetary and fiscal policy	20	14	10	9	4	5	7
  Funding risk	1	5	4	0	3	2	7
  Risk of financial institution failure/distress	10	12	14	7	4	6	6
  Sovereign risk	15	11	0	0	1	2	4
  Risk of loss of confidence in the authorities	3	4	4	2	1	0	3
  Risk of lack of confidence in ratings, valuations and disclosure	0	0	1	0	0	0	3
  Risks around public anger against, or distrust of, financial institutions	0	0	0	0	3	5	1
  Risk of infrastructure disruption	7	5	4	2	0	0	1
  Risk surrounding the low interest rate environment (e)	0	2	12	3	0	0	0
  Risk surrounding cryptocurrencies	0	0	0	0	3	0	0
  Number one source of risk to the UK financial system (f)
  Geopolitical risk	3	5	5	2	13	17	28
  Inflation risk	0	1	0	12	23	38	25
  Risks associated with a UK economic downturn	2	1	1	2	6	8	14
  Cyber attack	8	14	6	19	34	17	10
  Risks associated with an overseas/global economic downturn	2	2	5	2	0	3	4
  Household/corporate credit risk	0	0	0	0	0	2	3
  Risk of property price falls	0	0	0	0	0	0	3
  UK political risk	74	69	79	10	1	2	1
  Risks surrounding monetary and fiscal policy	1	1	2	2	1	3	1
  Risks around regulation/taxes	3	0	0	3	1	3	1
  Risk of tightening in credit conditions	0	0	0	2	3	2	1
  Other	0	0	0	0	3	0	1
  Risk of infrastructure disruption	0	2	0	0	0	0	1
  Operational risk	0	0	1	0	0	0	1
  Sovereign risk	0	0	0	0	0	0	1
  Risk of loss of confidence in the authorities	0	0	0	0	0	0	1
  Risks around public anger against, or distrust of, financial institutions	0	0	0	0	0	0	1
  Pandemic risk (d)	0	0	0	38	11	2	0
  Risk of financial market disruption/dislocation	3	2	0	3	1	3	0
  Climate risk	1	1	1	3	0	2	0
  Risk of financial institution failure/distress	1	0	0	2	1	0	0
  Risk surrounding the low interest rate environment (e)	0	0	0	0	0	0	0
  Risk of lack of confidence in ratings, valuations and disclosure	0	0	0	0	0	0	0
  Funding risk	0	0	0	0	0	0	0
  Risk surrounding cryptocurrencies	0	0	0	0	0	0	0

  Footnotes

  • Sources: Bank of England Systemic Risk Surveys and Bank calculations.
  • (a) Respondents were asked which five risks they believed would have the greatest impact on the UK financial system if they were to materialise, in order of potential impact (ie greatest impact first). Answers were provided in a free format and were subsequently coded into the above categories; only one category was selected for each answer. Risks cited in previous surveys have been regrouped into the categories used to describe the latest data.
  • (b) The survey has been undertaken biannually since 2009, following a pilot survey conducted in July 2008. Between 2020 H1 and 2021 H1, the survey was paused due to Covid.
  • (c) Figures are expressed as nearest whole integer, so may appear inconsistent with figures shown in the text of the survey.
  • (d) Percentages of respondents citing each risk at least once in their top five, among those citing at least one risk.
  • (e) The definition of this risk includes risks associated with a snapback in low rates to more normal levels, as well as risks directly associated with low rates.
  • (f) Percentages of respondents citing each risk as their number one risk (ie the risk with the greatest potential impact), among those citing at least one source of risk.

• Table A3

  Risks most challenging to manage as a firm ^{(a) (b) (c)}

  	2018 H2	2019 H1	2019 H2	2021 H2	2022 H1	2022 H2	2023 H1
  Cyber attack	55	52	48	58	65	56	50
  Geopolitical risk	39	35	32	32	40	48	49
  Inflation risk	1	1	3	23	46	61	40
  Risks associated with a UK economic downturn	10	6	14	7	4	13	24
  Climate risk	1	3	4	21	15	13	15
  Other	4	6	1	16	13	6	13
  UK political risk	80	82	75	25	10	14	11
  Risks associated with an overseas/global economic downturn	16	14	21	4	4	6	11
  Risks around regulation/taxes	7	11	8	16	6	5	11
  Operational risk	0	0	0	9	18	11	11
  Household/corporate credit risk	4	0	3	7	4	5	7
  Risk of property price falls	7	6	1	4	3	0	6
  Funding risk	1	3	1	0	1	2	6
  Pandemic risk	0	0	0	40	29	9	4
  Risk of financial market disruption/dislocation	9	10	12	12	10	11	3
  Risk of tightening in credit conditions	2	1	0	4	4	11	3
  Risks surrounding monetary and fiscal policy	6	1	3	4	4	3	3
  Sovereign risk	5	8	0	0	0	0	3
  Risk of loss of confidence in the authorities	0	1	1	0	0	0	3
  Risk of infrastructure disruption	5	4	4	2	0	0	1
  Risk of financial institution failure/distress	4	8	8	5	4	5	0
  Risk surrounding the low interest rate environment (d)	0	0	5	0	0	0	0
  Risks around public anger against, or distrust of, financial institutions	0	0	0	0	1	3	0
  Risk of lack of confidence in ratings, valuations and disclosure	0	0	1	0	0	0	0
  Risk surrounding cryptocurrencies	0	0	0	0	0	0	0
  Cited at least one key risk, but did not cite any risk as challenging to manage (%)	8	12	13	0	0	0	0
  Number of respondents citing at least one source of risk	89	81	84	58	70	65	72

  Footnotes

  • Sources: Bank of England Systemic Risk Surveys and Bank calculations.
  • (a) After respondents had listed the five risks they believed would have the greatest impact on the UK financial system if they were to materialise, they were asked which three of these risks they would find most challenging to manage as a firm. Answers were provided in a free format and were subsequently coded into the above categories; only one category was selected for each answer. Risks cited in previous surveys have been regrouped into the categories used to describe the latest data. Table entries are the percentages of respondents citing each risk at least once in this second question, among those citing at least one source of risk.
  • (b) The survey has been undertaken biannually since 2009, following a pilot survey conducted in July 2008. Between 2020 H1 and 2021 H1, the survey was paused due to Covid.
  • (c) Figures are expressed as nearest whole integer, so may appear inconsistent with figures shown in the text of the survey.
  • (d) The definition of this risk includes risks associated with a snapback in low rates to more normal levels, as well as risks directly associated with low rates.

• Table A4

  Risks most probable to materialise ^{(a) (b) (c) (d)}

  	2021 H2	2022 H1	2022 H2	2023 H1
  Geopolitical Risk	28	36	54	54
  Inflation Risk	23	58	63	45
  Cyber attack	58	55	37	38
  Risks associated with a UK economic downturn	9	10	20	25
  Other	9	15	15	13
  Risks associated with an overseas/global economic downturn	5	3	18	13
  Operational risk	7	10	6	11
  Climate risk	23	10	9	11
  Household/corporate credit risk	5	4	5	8
  Risk of property price falls	4	4	2	8
  UK political risk	26	9	18	8
  Risk around regulation/taxes	9	4	2	7
  Funding Risk	0	1	2	6
  Risk of tightening in credit conditions	2	7	17	6
  Risk of financial market disruption/dislocation	18	13	6	3
  Risk of loss of confidence in the authorities	0	1	0	3
  Risk of financial institution failure/distress	4	1	2	1
  Risk of infrastructure disruption	0	0	0	1
  Sovereign risk	0	0	2	1
  Risks surrounding monetary/fiscal policy	4	3	5	1
  Risks around public anger against, or distrust of, financial institutions	0	0	5	0
  Risk of lack of confidence in ratings, valuations and disclosure	0	0	0	0
  Risks surrounding low interest rate environment (e)	2	0	0	0
  Pandemic risk	46	36	2	0
  Risks surrounding cryptocurrencies	0	0	0	0
  Cited at least one key risk, but did not cite any risk as most likely to materialise (%)	0	0	0	0
  Number of respondents citing at least one source of risk	58	70	65	72

  Footnotes

  • Sources: Bank of England Systemic Risk Surveys and Bank calculations.
  • (a) After respondents had listed the five risks they believed would have the greatest impact on the UK financial system if they were to materialise, they were asked which three of these risks was most probable to materialise. Answers were provided in a free format and were subsequently coded into the above categories; only one category was selected for each answer. Risks cited in previous surveys have been regrouped into the categories used to describe the latest data. Table entries are the percentages of respondents citing each risk at least once in this second question, among those citing at least one source of risk.
  • (b) The survey has been undertaken biannually since 2009, following a pilot survey conducted in July 2008. Between 2020 H1 and 2021 H1, the survey was paused due to Covid.
  • (c) Figures are expressed as nearest whole integer, so may appear inconsistent with figures shown in the text of the survey.
  • (d) This question was introduced in the 2021 H2 survey.
  • (e) The definition of this risk includes risks associated with a snapback in low rates to more normal levels, as well as risks directly associated with low rates.