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Carney's Crisis Powers Beefed Up to Give BOE $1 Trillion Arsenal

  • Governor says BOE needs to adapt to changes in global economy
  • New framework will allow central bank to take on greater risk
Mark Carney, governor of the Bank of England

Mark Carney, governor of the Bank of England

Photographer: Simon Dawson/Bloomberg
Updated on

Mark Carney’s Bank of England has new powers that allow it to raise a war chest of more than 750 billion pounds ($1 trillion) -- without permission or protection from the government.

Under a new financial framework, the bank could unilaterally lend more than that amount if it needs to step into action to keep the banking system -- and the economy -- on an even keel.