UK confirms to give Bank of England greater powers
[LONDON] British finance minister George Osborne confirmed on Monday that he would give the Bank of England formal powers to limit mortgage lending and tackle excess leverage in the banking system.
Monday's decision follows a public consultation which was required after Mr Osborne said last year that he wanted to give the BoE new legal powers over lenders, rather than just the ability to make recommendations.
"We're confirming that the Bank of England will have further powers to safeguard the stability of Britain's financial system from any future risks posed by our housing market or banks," Mr Osborne said in a statement.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
When US diplomats visit China, meal choices are about more than taste buds
China’s first-quarter industrial profits rise at slower pace
Laid-back vibe, stunning beaches, rich cuisine and low cost of living lure more expat retirees to Malaysia
Vietnam tycoon appeals against US$27 billion fraud death sentence
US announces new restrictions on firearm exports
Central banks will probably only cut half as much as they hiked