LONDON: The Bank of England must explain exactly how it will police Britain's flagship 'help to buy' housing stimulus programme, the head of an influential parliamentary committee said on Saturday, amid concerns the scheme could inflate a property bubble.
With a 2015 election in mind, Britain's Conservative government is pushing the plan as a way to help people move onto, or up, the property ladder, with the knock-on effect of stimulating growth after three-years of economic stagnation.
Lawmaker Andrew Tyrie, chairman of the Treasury Select Committee which scrutinises the finance ministry, wrote a sharply-worded letter to Bank of England Governor Mark Carney, asking him to clarify central bank's role in overseeing the programme and how its independence would be safeguarded.
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