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Bank of England will say if Help to Buy brings problems: Bean
May 20, 2014 / 7:07 PM / 3 years ago

Bank of England will say if Help to Buy brings problems: Bean

LONDON (Reuters) - The Bank of England will say as soon as it believes that the government’s Help to Buy mortgage guarantee scheme is creating problems for financial stability, deputy governor Charlie Bean said on Tuesday.

“People should keep it in perspective,” Bean said of Help to Buy, which he said accounted for a relatively small share of mortgages and was aimed at boosting access to housing.

Help to Buy could in principle continue even if the BoE took other steps to reduce financial stability risks from rapidly rising house prices, he added.

“The fundamental problem is not enough houses for the number of households,” he added.

He said he was “not personally a huge enthusiast for transcripts in general”, in relation to question about a review of whether the bank should make transcripts of discussions at Monetary Policy Committee meetings.

Reporting by David Milliken; Editing by Alison Williams

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