BoE would intervene to mitigate effect of debt crisis


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The Independent Online

Britain's economic fate is largely in the hands of policymakers elsewhere in Europe, but the Bank of England stands ready to intervene if the eurozone debt crisis spirals out of control, Ben Broadbent, a member of the Bank's rate-setting committee,said yesterday.

"For the time being at least, the most important policy decisions affecting the UK are being taken in other parts of the Continent," Mr Broadbent said in a speech at the financial information company Bloomberg.

"[But] were the – still unlikely – worst-case risks in the euro areaactually to be realised, then our own monetary policy would again play its part in mitigating the impact," he added.