英国财政大臣奥斯本在长官邸年度银行家宴会英语演讲稿

1、英国财政大臣奥斯本在长官邸年度银行家宴会英语演讲稿My Lrd Mayr, Ladies and Gentlemen, it is again an hnur t attend this wnderful dinner and t speak t yu as Chancellr fr the fifth time.Lrd Mayr, I remember cming here t Mansin Huse, just weeks after the gvernment wasfrmed in 2019年 ndash; with Britain n the brink f an ecnmic cr

2、isis ndash; t give my first majr speechn the task ahead.I set ut fr yu the ecnmic plan we wuld fllw, and I drew n the wrds Winstn Churchillhad uttered in this very hall, t say that while Britain culd nt pretend ur travails were at anend, we were at least at the end f the beginning.In the fur years s

3、ince, supprted by the reslutin and sacrifice f the British peple, wehave wrked thrugh that plan.Nw we are starting t see the results:Britain grwing faster than any advanced ecnmy in the wrld.A recrd number f peple in wrk.Nw strng business investment n the back f lw business taes.And a budget deficit

4、 this year set t be half what it was.Last week, the IMF said that ur reslute fiscal plicy had been in their wrds an anchr frthe British ecnmy that had maintained cnfidence and stability in the face f the strm.And I want t say t the business and financial cmmunity: yu did nt waver; yu stuck withus an

5、d I thank yu.But the task is far frm cmplete; and there are many risks t the prgress we have made.Abrad, the risks stem frm the weak eurzne, unpredictable geplitics and the slwdwnin sme emerging markets.At hme, ur ecnmy is still t unbalanced, s I am the first t say we need t cntinue ureffrts t bst b

6、usiness investment, eprts and husing supply.But the biggest risk cmes frm the tendency in parts f ur bdy plitics ndash; the left and nwt the ppulist right ndash; t wage a war n enterprise, regulate prices, prpse penal taes,clse Britain t business and return t the ld ways f brrw and spend.We must win

7、 this battle.And g n cnfrnting Britains prblems with lng term answers that will build an ecnmy freveryne.S while I knw this is my fifth speech t yu as Chancellr; I hpe it is nt my last.Fr I want t finish the jb.Lrd Mayr, tnight we are jined by smene attending their first Mansin Huse dinner.ur Gvernr

8、 f the Bank f England.Mark, we all thank yu fr the integrity, intelligence and internatinal reach yu have brughtt the challenges f the last year.And we lk frward t what yu have t say.ur 3 new Deputy Gvernrs ndash; Jn Cunliffe, Ben Bradbent and Minuche Shafik, tgether withAndrew Bailey, cmplete what

9、I immdestly think is the strngest team f any central bank inturt cntinues the versight f the Banks wrk, and at the end f this mnth AnthnyHabgd will replace David Lees as its Chair.David, thank yu fr helping steer the Bank thrugh the big refrms f recent years and theappintment f a new Gvernr.And than

10、k yu t t Charlie Bean fr the 6 years he has given ur natin as Deputy Gvernr.We are lucky that ne f ur greatest ecnmists has chsen t dedicate his life t publicservice fr s lng.The Bank f England nw sits back where it belngs, at the heart f ur financial system ndash;supervising the prudential regulati

11、n f ur banks and insurers, thanks t the refrms Iannunced in my first speech here at the Mansin Huse in 2019年.And in each speech since, I have set ut new steps t strengthen the resilience f urecnmy and the financing that underpins it.2019年, Ringfencing ur retail banks2019年, launching funding fr Lendi

12、ngLast year, restructuring the Ryal Bank f Sctland and firing the starting gun n the sale fur stake in Llyds.It wuld be tempting this year, at the Mansin Huse, t pause fr breath.But ur task is far frm cmplete ndash; and tday I will annunce further changes t build thatresilient ecnmy fr all and the s

13、trng, cmpetitive financial services ntributet it.Lrd Mayr, the City f Lndn has emerged frm the wreckage f what went s badly wrng,strnger and bere internatinal and mre respnsive t the needs fcustmers here at hme.ur financial eprts grew % last year, and ur surplus in finance and insurance hasreached p

14、und;45 billin ndash; twice as much as ur clsest cmpetitrs.Weve welcmed t Britain the headquarters f sme f the wrlds largest insurance firms.And we have been chsen as the lcatin fr the Internatinal Frum f the wrlds SvereignWealth Funds.In my first Mansin Huse speech, I said I wanted British financial

15、 firms and markets t be atthe heart f financing Chinas etrardinary epansin.Nw tw thirds f all Renminbi payments utside f China and Hng Kng nw take place inLndn.Chinese bnds are being issued here, Chinese assets are being managed here, Chinese bankswill be able t apply fr branches here, a Chinese cle

16、aring bank is sn t be appinted here -and net week, when the Chinese Premier visits, we will take the net big step frward in theecnmic partnership f ur tw great, histric trading natins.I can als cnfirm tnight ur intentin in the net few weeks, subject t market cnditins,fr Britain t be the first wester

17、n natin t issue a svereign sukuk ndash; an Islamic bnd.Fr I want Britain t be nt just the western hub f Chinese finance ndash; but f Islamic financet.It is with these active steps that tgether we are making Britain the undisputed centre f theglbal financial system.But all this can s easily be put at

18、 risk.By badly-cnceived EU rules that nly reinfrce the case fr refrm in Eurpe.By ppulist prpsals fr self-defeating bnus taes and punitive incme ta rates.And by the ptential break up f ur natin.Edinburgh is even strnger as a wrld-renwned centre fr asset management because it ispart f a United Kingdm

19、that is a wrld-renwned centre f finance.And let us hpe it remains s, fr we are better tgether.We shuld be candid tnight abut anther risk.The risk that scandals n ur trading flrs call int questin the integrity f ur financialmarkets.Peple shuld knw that when they trade in Lndn, whether in cmmdities r

20、currencies rfied incme instruments, that they are trading in markets that are fair and effective.The revelatins abut the manipulatin f LIBR added further damage t reputatin ffinancial services, here and abrad.In Britain, thanks t the leadership f Martin Wheatley and Andrew Tyrie, we acted swiftly tp

21、unish the wrngders and fi the system.Let us nt wait fr the net wave f scandals in financial markets t hit us befre we respnd.The integrity f these markets matters t us. Lndn is hme t % f the glbal freignechange business; % f ver-the-cunter derivatives trading; and % f trading ininternatinal bnds. An

22、d Mark Carney and I intend t keep it that way.S tday I can annunce that the Treasury, the Bank f England and the Financial CnductAuthrity will cnduct a cmprehensive review f standards in ur fied incme, cudity markets.The Fair and Effective Markets Review will be chaired by the new Deputy Gvernr, and

23、 frmerDeputy Managing Directr f the IMF, Minuche Shafik ndash; and she will be jined by MartinWheatley and Charles Rburgh.This Review must wrk clsely with industry. S I am establishing a panel f marketpractitiners, chaired rley, chief eecutive f Allianz Glbal Investrs.The Review will prduce its repr

24、t in a years time.And sme f its recmmendatins may require internatinal agreement.In the meantime, we will act here at hme.I am tday annuncing that we will etend the new pwers we put in place t rever further majr benchmarks acrss fdity and fied incmemarkets ndash; many f which are currently entirely

25、unregulated.Based n the Reviews cnclusins we will publish and cnsult n the full list f benchmarks tbe cvered by this autumn, and we will have the new regime in place by the end f the year.I am als etending the senir managers regime t cver all banks that perate in thiscuntry, including the branches f

26、 freign banks.And I can als annunce that we will intrduce tugh new dmestic criminal ffences frmarket abuse, rather than pt int Eurpean rules we d nt think suitable r sufficient frur needs.Fr let me make this clear, s n ne is in any dubt.The integrity f the City matters t the ecnmy f Britain.Markets

27、here set the interest rates fr peples mrtgages, the echange rates fr ur eprtsand hlidays, and the cmmdity prices fr the gds we buy.I am ging t deal with abuses, tackle the unacceptable behaviur f the few, and ensure thatmarkets are fair fr the many wh depend n them.Were nt ging t wait fr mre scandal

28、s t hitndash; instead we are ging t act nw, and getahead.Ladies and Gentlemen,Rbust financial markets are an imprtant part f building a resilient ecnmy.But tnight, I want t address anther market which can create a risk t Britains ecnmicstability and prsperity.Nt a new risk, but an ld and very famili

29、ar ne t us in this cuntry ndash; and thats ur husingmarket.The challenge is that we want several things which dnt sit cmfrtably tgether.Fr mst peple, their hme is the biggest investment f their lifetime. And, f curse, theywant that asset t increase in value ver time.But a hme is als a place t live a

30、nd build ur lives ndash; and we want all families t be able taffrd security, cmfrt and peace f mind. That means hmes have t be affrdable ndash;whether yure renting r buying.The nly way that can be achieved ver the lng term is by building mre, s supply bettermatches demand.But we are a small and crwd

31、ed island, keen t prtect ur green spaces and ready t bjectt new develpment.S the British peple want ur hmes t g up in value, but als remain affrdable; and wewant mre hmes built, just nt net t us.Yu can see why n ne has managed yet t slve the prblems f Britains husing market.Instead we have the repea

32、ted cycle f financial instability driven by high husehld debt; andwe see the scial injustice f millins f families denied gd hmes.But that shuld nt deter ur generatin frm trying t fi the husing challenge ndash; fr theprice f failure is y message tday is this.As Chancellr, I have never shied away frm

33、cnfrnting Britains prblems.The husing market is n eceptin.Im determined t back aspiratin in every way I can, including the aspiratin t wn yurwn hme.But Im nt ging t pt fr the easy rute f sme f my recent predecessrs: duck the issues,risk a husing bm, and keep my fingers crssed that it wnt damage the

34、ecnmy.S n irrespnsible gambles with stability; n shrt-term fies.Husing is a lng term prblem ndash; and ur ecnmic plan will prvide lng term answers.Heres hw.First, we have t be clear-eyed abut where the risks t ecnmic stability lie tday.The risks cme when peple brrw t much t pay fr rising huse prices

35、.In ecess, that debt can cause serius difficulties fr them and the banks wh lent t them.And it can cause difficulties fr the ecnmy as a whle if an verhang f debt suppressescnsumer spending.Nw, tday, huse prices are still lwer in real terms than they were in 2019年 ndash; and are frecastt stay belw th

36、at peak fr sme years t cme.At the same time debt-servicing csts remain at near recrd lws and rental yields are in linewith lng term trends.S there is n immediate cause fr alarm.Indeed the mst recent data shws that mrtgage apprvals have actually slwed in the lastcuple f mnths.But we need t be vigilan

37、t.Fr there are n the hrizn things that shuld give us sme causes fr cncern.If Lndn prices were t cntinue grwing at these rates that wuld be t fast fr cmfrt.And the rate f price rises is nw beginning t spread beynd Lndn. Acrss the cuntry, therati f huse prices t incmes is high by histrical standards.A

38、nd while average lan t value ratis fr new lending are still well belw nrmal, average lant incme ratis have risen t new highs.Let me spell it ut: des the husing market pse an immediate threat t financial stabilitytday? N, it desnt.Culd it in the future? Yes, it culd, especially if we dnt learn the le

39、ssns f the past.S we act nw t insure urselves against future prblems befre they can materialise.Because ecnmic security cmes first.The first challenge is t be clear abut the issue, and we are.The secnd is t act n it.When I spke t yu in 2019年, I said ne f the weaknesses f the system f financialregula

40、tin Id inherited was that n ne was lking fr brader risks acrss the ecnmy, inareas like husing.S n ne saw the rising debt levels ndash; r had the tls t d anything abut them.I have changed that.The new Financial Plicy Cmmittee in the Bank f England has been given the authrity andthe macr-prudential tl

41、s t act.They have als insisted n the tughest stress tests fr ur banks, s that this time rund theycan withstand the wrst.Befre Christmas, the Bank acted with the Treasury t refcus the Funding fr LendingScheme away frm mrtgages twards small business lending.And earlier this year, ur regulatrs put much

42、 mre rigrus mrtgage standards in place.These are all imprtant steps.The FPC already have further tls in their armury. But tday we g further.I want t make sure that the Bank f England has all the weapns it needs t guard againstrisks in the husing market.I want t prtect thse wh wn hmes, prtect thse wh

43、 aspire t wn a hme, and prtectthe millins wh suffer when bm turns t bust.S tday, I am giving the Bank new pwers ver mrtgages including ver the size fmrtgage lans as a share f family incmes r the value f the huse.In ther wrds, if the Bank f England thinks sme brrwers are being ffered ecessiveamunts f

44、 debt, they can limit the prprtin f high lartgages each bankcan lend, r even ban all new lending abve a specific lan t incme rati.And if they really think a dangerus husing bubble is develping, they will be able t impsesimilar caps n lan t value ratis ndash; as they d in places like Hng Kng.Its impr

45、tant that decisins t use these pwerful tls are made independently f plitics bythe Bank f England.We saw frm the last crisis the dangerus temptatins fr pliticians t leave the punch bwlwhere it is and keep the party ging n t lng. And just in case there is any dubt.I say tday, very clearly: the Bank f

46、England shuld nt hesitate t use these new pwers ifthey think it necessary t prtect financial stability.And I cmmit that while the Bank and the Treasury will need t design hw these pwers willwrk in detail, and will want t cnsult n them, I will make sure that they are legislated frand in place befre t

47、he end f the Parliament.And I als cmmit tday that if the Bank des act in future t limit mrtgage lending then thesame rules will be applied t every single Help t Buy mrtgage.I knw that sme wuld take a mre idelgical psitin and end the Help t Buy schemealtgether.They wuld return t the situatin where nl

48、y thse first time buyers lucky enugh t have richparents wuld be able t affrd the large depsits demanded by the banks.My apprach will be dictated by the facts, nt by idelgy.And the facts shw that Help t Buy is wrking as intended.As the IMF cncluded last week, it is helping lwer incme families, verwhe

49、lmingly first-timebuyers utside Lndn, t buy hmes priced well belw the natinal average.It is nt fuelling huse price inflatin in Lndn r at the tp f the market.It is helping families, and that is hw we intend t keep it.S tday Ive taken big new steps t prtect financial stability, strengthen the new rle

50、fthe Bank f England and cmpleted the range f tls at their dispsal.This addresses the ecnmic prblem f hw we stp rising huse prices leading t anunsustainable rise in husehld indebtedness, and threatening the wider ecnmy.But it des nt address the scial prblem f hw we stp yung families being priced ut f

51、the husing market altgether.That requires a third pillar t ur husing strategy, alngside the clear analysis and newfinancial weapns.We need t see a lt mre hmes being built in Britain.The grwing demand fr husing has t be met by grwing supply.The alternative, as in any market, is that prices will rise

52、s that hmes becme unaffrdable tmany f ur citizens and take up ever mre f their incmes.Weve already taken big steps t deliver thse new hmes.Weve refrmed ur antiquated planning system.The changes were hard ndash;fught and cntrversial, like all things wrth battling fr in plitics,and nw they are already

53、 starting t wrk.Last week we saw permissins fr new hmes rising by % in a year.Weve gt the biggest prgramme f new scial husing in a generatin; were regeneratingthe wrst f ur husing estates; and weve gt the first garden city fr almst a centuryunderway in Ebbsfleet.Nw we need t d mre. Much mre.We have

54、beautiful landscapes, and they t are part f the inheritance f the net generatin.T preserve them, we must make ther cmprmises.If we want t limit develpment n imprtant green spaces, we have t remve all thebstacles that remain t develpment n brwn field sites.Tday we d that with these radical steps.Cuncils will be required t put lcal develpment rders n ver % f brwnfield sites thatar