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BoE may curb credit growth

The Bank of England may consider introducing measures to improve financial stability if household debt grows faster than the rest of the economy, says the bank policymaker in charge of financial stability. British household debt, measured as a share of income, has fallen substantially from its peak during the financial crisis and has now stabilised around levels last seen in 2004. Deputy Governor Jon Cunliffe said he did not want a return to the situation prefinancial crisis, when credit grew twice as fast as the economy as a whole. “If credit began to grow faster than GDP, I would want to think very seriously about taking action to manage that sooner rather than later,” said Cunliffe.

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