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This is the exchange of letters between the two most powerful people in the British economy, in which they have agreed to press ahead with an investigation into whether the Bank of England needs to have the power to set a leverage ratio for UK financial services firms. First, the Chancellor, George Osborne, wrote to the Governor of the Bank of England, Mark Carney—letter here. Carney’s reply can be read here.

Well, leverage, shmeverage—why should this be of any interest at all? Because a formal leverage ratio would set limits for how much a bank could borrow in relation to how much…

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