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Mark Carney has unveiled a series of “transformative” changes at the Bank of England that he said would help Britain to avoid a repeat of the 2008 financial crisis.

The Bank’s Governor warned that the UK faced renewed dangers from excessive borrowing and that streamlining the Bank’s monetary policy and macro-prudential divisions could help it to moderate future risks.

Low interest rates had “contributed to the gradual build-up of financial vulnerabilities in the past”, he said. “It doesn’t take a genius to see that similar risks exist today.”

In a major shake-up, Mr Carney said the Bank would:



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Mark Carney to transform Bank of England in shake-up - Telegraph (external - login to view)