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BoE's Carney: will not hesitate to take further action on housing
June 17, 2014 / 11:44 AM / 3 years ago

BoE's Carney: will not hesitate to take further action on housing

LONDON (Reuters) - The Bank of England will not hesitate to take further action to moderate Britain’s housing market if needed, its governor Mark Carney wrote in the central bank’s annual report released on Tuesday.

Mark Carney, Governor of the Bank of England, speaks at the 'Lord Mayor's Dinner to the Bankers and Merchants of the City of London' at the Mansion House in London June 12, 2014. REUTERS/Peter Macdiarmid/Pool

“We will not hesitate to take further proportionate and graduated action as warranted,” Carney said. He added that the BoE’s Financial Policy Committee had announced measures in November to reduce stimulus to the housing market.

Carney also warned that an environment of low and predictable interest rates could encourage “excessive risk taking in financial markets and in households”.

Carney’s remarks echo those he made in a speech in London last week.

The Bank’s annual report was published on the same day the Bank’s Financial Policy Committee meets. It is widely expected to take steps to curb risks to financial stability from rapidly rising house prices and high levels of debt.

Reporting by Andy Bruce, editing by David Milliken

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