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News - 7 October 2014

Bank of England to get extra powers over housing

The Bank of England has recommended that it takes on new powers to prevent a housing boom and bust, as suggested by the Chancellor, George Osborne.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Under the new powers, the Bank said it would be able to impose limits on how much people could borrow to buy a home. This would be determined by a loan-to-income ratio, and the Bank would also have the power to force lenders not to give out mortgages which are a high multiple of the borrower's income.”

The Bank's Financial Policy Committee (FPC) can already make recommendations along these lines, but in June George Osborne promised that the powers to "recommend" would be made stronger to prevent a dangerous bubble developing.

If you need any help and advice on the implications of Property Ownership, Letting and Taxation, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help.
 

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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