U.K. Explores New Tools to Boost Growth and Stability

Raise Bank of England inflation target to 3% to give more room to respond to economic shocks

Give Bank of England power to use negative interest rates as low as -1% to encourage lending

Increase primary budget surplus to 1% of GDP to prevent debt ratio rising over time

Use "smarter" tax and spending policies in downturns to avoid driving up debt

Reset policymaking to support economy in bad times and fix fiscal issues when conditions improve