Cover -- CONTENTS -- THE FOCUS OF THE CONSULTATION -- THE RECOVERY REMAINS WEAK -- OUTLOOK AND RISKS -- POLICY IMPLICATIONS -- MONETARY AND CREDIT EASING POLICIES -- FINANCIAL SECTOR POLICIES -- FISCAL POLICY -- HOUSING SUPPORT POLICIES -- STRUCTURAL POLICIES -- FINANCIAL REGULATION -- THE AUTHORITIES' VIEWS -- STAFF APPRAISAL -- BOXES -- 1. Risk Assessment Matrix -- 2. Forward Guidance -- 3. Financial Soundness Indicators for Major UK Banks -- FIGURES -- 1. Real Sector Developments -- 2. Labor Market Developments -- 3. External Sector Developments -- 4. Price Developments -- 5. Selected Indicators for Major UK Banks -- 6. Comparison of Health of UK, EU and US Banks -- 7. Progress and Challenges in Fiscal Consolidation, 2009/10-2018/19 -- 8. Sovereign Credibility -- TABLES -- 1. Selected Economic Indicators, 2009-13 -- 2. Medium-Term Scenario, 2012-18 -- 3. Statement of Public Sector Operations, 2010/11-17/18 -- 4. Statement of General Government Operations, 2006-12 -- 5. General Government Stock Options, 2006-12 -- 6. Balance of Payments, 2009-18 -- 7. Net Investment Position, 2006-12 -- APPENDIXES -- 1. Fiscal Debt Sustainability Analysis -- ANNEXES -- 1. The Productivity Puzzle in the UK -- 2. Household Debt Deleveraging and Consumption Dynamics -- 3. Prospects of External Rebalancing in the UK -- 4. The Monetary Policy Transmission Mechanism, Credit and the Recovery -- 5. The Funding for Lending Scheme -- 6. Housing Market in the UK -- 7. Real and Financial Spillovers -- 8. FSAP Update: Status of Main Recommendations -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES.