U.K. Explores New Tools to Boost Growth and Stability
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Raise Bank of England inflation target to 3% to give more room to respond to economic shocks
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Give Bank of England power to use negative interest rates as low as -1% to encourage lending
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Increase primary budget surplus to 1% of GDP to prevent debt ratio rising over time
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Use "smarter" tax and spending policies in downturns to avoid driving up debt
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Reset policymaking to support economy in bad times and fix fiscal issues when conditions improve
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