February 2, 2015 / 1:48 PM / 3 years ago

UK confirms to give Bank of England greater powers

The Bank of England is seen, with a statue in the foreground, in the City of London December 16, 2014.Toby Melville

LONDON (Reuters) - Chancellor 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 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," Osborne said in a statement.

Reporting by David Milliken, editing by Andy Bruce

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