Osborne reveals plans for 'debt responsibility'
Osborne reveals plans for 'debt responsibility'
Monday 2nd February 2009
Speaking at a conference hosted by Reform, the shadow chancellor said that the Bank of England should be given new powers to manage debt in the economy as part of a "new settlement between the banks and society".
Mr Osborne explained that the central bank could function as a "debt responsibility mechanism" which would "call time on excessive debt" by monitoring levels of leverage in UK financial institutions.
He also suggested that change on an international level may be required in order to prevent future debt problems.
"We would require banks across the world to set aside more money in the good years to provide them with a greater buffer for the bad years," Mr Osborne commented.
A new poster campaign attacking the government's "debt crisis" was recently unveiled by the Conservative Party.
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