20xx英國(guó)財(cái)政大臣奧斯本在長(zhǎng)官邸年度銀行家宴會(huì)英語(yǔ)演講稿(已改無(wú)錯(cuò)字)
2025-01-12 06 本頁(yè)面
【正文】 For there are on the horizon things that should give us some causes for concern.
If London prices were to continue growing at these rates that would be too fast for fort.
And the rate of price rises is now beginning to spread beyond London. Across the country, theratio of house prices to ines is high by historical standards.
And while average loan to value ratios for new lending are still well below normal, average loanto ine ratios have risen to new highs.
Let me spell it out: does the housing market pose an immediate threat to financial stabilitytoday? No, it doesnamp。rsquo。t.
Could it in the future? Yes, it could, especially if we donamp。rsquo。t learn the lessons of the past.
So we act now to insure ourselves against future problems before they can materialise.
Because economic security es first.
The first challenge is to be clear about the issue, and we are.
The second is to act on it.
When I spoke to you in 20xx, I said one of the weaknesses of the system of financialregulation Iamp。rsquo。d inherited was that no one was looking for broader risks across the economy, inareas like housing.
So no one saw the rising debt levels amp。ndash。 or had the tools to do anything about them.
I have changed that.
The new Financial Policy Committee in the Bank of England has been given the authority andthe macroprudential tools to act.
They have also insisted on the toughest stress tests for our banks, so that this time round theycan withstand the worst.
Before Christmas, the Bank acted with the Treasury to refocus the Funding for LendingScheme away from mortgages towards small business lending.
And earlier this year, our regulators put much more rigorous mortgage standards in place.
These are all important steps.
The FPC already have further tools in their armoury. But today we go further.
I want to make sure that the Bank of England has all the weapons it needs to guard againstrisks in the housing market.
I want to protect those who own homes, protect those who aspire to own a home, and protectthe millions who suffer when boom turns to bust.
So today, I am giving the Bank new powers over mortgages including over the size ofmortgage loans as a share of family ines or the value of the house.
In other words, if the Bank of England thinks some borrowers are being offered excessiveamounts of debt, they can limit the proportion of high loan to ine mortgages each bankcan lend, or even ban all new lending above a specific loan to ine ratio.
And if they really think a dangerous housing bubble is developing, they will be able to imposesimilar caps on loan to value ratios amp。ndash。 as they do in places like Hong Kong.
Itamp。rsquo。s important that decisions to use these powerful tools are made independently of politics bythe Bank of England.
We saw from the last crisis the dangerous temptations for politicians to leave the punch bowlwhere it is and keep the party going on too long. And just in case there is any doubt.
I say today, very clearly: the Bank of England should not hesitate to use these new powers ifthey think it necessary to protect financial stability.
And I mit that while the Bank and the Treasury will need to design how these powers willwork in detail, and will want to consult on them, I will make sure that they are legislated forand in place before the end of the Parliament.
And I also mit today that if the Bank does act in future to limit mortgage lending then thesame rules will be applied to every single Help to Buy mortgage.
I know that some would take a more ideological position and end the Help to Buy schemealtogether.
They would return to the situation where only those first time buyers lucky enough to have richparents would be able to afford the large deposits demanded by the banks.
My approach will be dictated by the facts, not by ideology.
And the facts show that Help to Buy is working as intended.
As the IMF concluded last week, it is helping lower ine families, overwhelmingly firsttimebuyers outside London, to buy homes priced well below the national av
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