Mark Carney, governor of the Bank of England, has said the UK has entered a "period of heightened uncertainty" as he eases banks' countercyclical capital buffer rates to boost lending.
The Financial Policy Committee announced today it is reducing the UK countercyclical capital buffer rate from 0.5% to 0% with immediate effect, in a move which will free up £150bn for bank lending. The rate is expected to be maintained at this level until at least June 2017 but will be reviewed quarterly. Speaking at a press conference following the release of the latest Financial Stability Report, Carney said: "We have a clear plan. We are putting it into place and it is working", referring to the market reaction to comments he made in a public speech last week when he said monetary eas...
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