April 30, 2013 / 11:58 AM / 6 years ago

UK's Osborne steers FPC to focus on near-term growth

Britain's Chancellor of the Exchequer George Osborne walks out of his official residence of 11 Downing Street in London April 25, 2013. REUTERS/Paul Hackett

LONDON (Reuters) - British finance minister George Osborne published a formal remit for the Bank of England’s Financial Policy Committee on Tuesday, emphasizing the need to focus on short-term growth.

The government set up the Financial Policy Committee in the wake of the 2008 financial crisis with a mandate to look out for the stability of the financial system.

“It is particularly important, at this stage of the cycle, that the Committee takes into account, and gives due weight to, the impact of its actions on the near-term economic recovery,” Osborne said.

Reporting by Christina Fincher and David Milliken

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