UK government wards Bank off leaning against wind

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Alistair Darling, the British chancellor of the exchequer, on Wednesday warned against the Bank of England's Monetary Policy Committee (MPC) targeting macroprudential stability with rate-setting.

The British chancellor also proposed a financial stability council comprising officials from the Bank, the Financial Services Authority (FSA) and the Treasury, which he will chair.

The UK Treasury said in its White Paper on Reforming Financial Markets that given the practical problems of targeting asset

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