On 1 April 2026, the Bank of England issued its Systemic Risk Survey results for H1 2026.

The Systemic Risk Survey is conducted on a biannual basis, to quantify and track market participants’ views of risks to, and their confidence in, the stability of the UK financial system.

The H1 survey was conducted between 19 January and 16 February 2026 and 57 firms participated in it, representing a 66% response rate.

Key results

Key results from the survey include:

  • Survey respondents remain confident in the stability of the UK financial system, reporting a similar level of confidence compared to the H2 2025 survey.
  • The perceived probability of a high-impact event affecting the UK financial system over the short term is at a similar level compared to the previous survey, but lower over the medium term.
  • Geopolitical risk and cyberattack remain the two most frequently cited sources of risks among participants. They are also considered the most challenging risks to manage, as well as the most likely risks to materialise.
  • Geopolitical risk has reached its highest levels recorded in the survey in all three of the categories: Source of risk to the UK financial system, most challenging risks to manage, and most likely risk to materialise. Despite remaining a key concern, perceptions of cyber risk have been broadly stable across survey measures relative to recent rounds.
  • The number of participants citing risks surrounding artificial intelligence has continued its upward trend since the H1 2023 survey. There has also been a noticeable increase in participants citing the risk as the most challenging to manage, as well as the most likely to materialise.
  • The proportion of respondents citing inflation risk has continued to decrease since its H2 2022 peak.