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　　Moreover, as borrowers chase higher prices their finances are becoming stretched. At the endof 2013, the average new loan for first-time buyers was 3.4 times the borrower's income—thehighest level on record. Barclays, a bank, currently offers mortgages as large as 5.5 times theborrower's income. While interest rates are low, payments on such large loans aremanageable. But when rates eventually rise, these borrowers could struggle. A wave ofmortgage defaults, accompanied by falling house prices as banks try to sell repossessedhouses, could cause yet another British banking crisis.

　　除此以外，由于借款者纷纷朝着高房价房产努力，他们的经济情况也越发紧张。2013年底，首次购房者的平均新增贷款是借款人的收入3.4倍，达到历史上的最高水平。巴克莱银行目前提供的抵押贷款是借款人收入的5.5倍。然而利率低，偿还这种大额贷款还是可行的。但是当利率开始稳步上升时，这些借款者就有点心有余而力不足了。银行试图出售回收房，因而房价下跌，如此一来一波又一波的抵押贷款违约很可能会导致另一次英国的银行业危机。

　　The Bank of England's new Financial Policy Committee (FPC) says it is watching for “emergingvulnerabilities” in the market. Formed less than a year ago to confront threats to financialstability, including bubbles, its range of “macroprudential” tools aim to influence the behaviourof the financial system. Whereas politicians hope rising house prices will cheer voters ahead ofnext year's general election, the committee can afford to take a longer view. With interestrates expected to remain low for a few more years, it is mulling what to do.

　　英国央行的新金融政策委员会(FPC)说他们正在坐等市场“即将出现的漏洞”。 金融政策委员会成立不到一年，就面临包括房价泡沫在内的金融不稳定因素的威胁，其职能范围的“宏观审慎”工具旨在影响金融行业的一举一动。而政客们希望上涨的房价可以在明年的大选之前重振选民信心,这样金融政策委员才会做长远打算。由于几年内预计利率仍保持在较低水平,FPC正在考虑该做什么。

　　Dabbing the brakes

　　踩刹车

　　One approach is stricter vetting of borrowers. From April 26th banks will have to check thatapplicants have enough spare cash to cope if the Bank of England raises interest rates asmarkets expect (to around 3% in 2019). That is still a remarkably low standard. Future interestrates are uncertain; in past decades they have frequently exceeded 5%. The FPC hasrequested the power to impose tougher interest-rate tests, and will probably have it by thesummer. That would allow it to curb the size of new loans, without increasing costs for existingborrowers.

　　控制局面的一种方法是严格审查借款人。从4月26日起，银行必须检查申请者是否有足够的闲钱应对英格兰银行利率提高的打算(到2019年的3%左右)。事实上这还是一个较低标准。未来利率是不确定的,在过去的几十年,他们经常超过5%。金融政策委员会要求实施更严厉的利率测试,这个测试可能会在夏天。这项测试不增加现有借款人的成本，也可控制新增贷款数额。

　　Explore and compare house prices in 13 British regions over time with our interactive house-price tool

　　用交互式房价工具探索和比较13个英国地区不同时间的房价

　　An alternative is more vigorous stress tests of mortgage lenders themselves, usingstringent scenarios that assume interest rates rise sharply while house prices fall. Forcinglenders to hold buffers large enough to withstand such a shock should deter them fromoffering the riskiest kinds of mortgage.

　　除了利率测试，还有一个针对借贷者的压力测试，这个测试使用严格的场景，假设利率大幅上升，房价下跌。强迫接待者承受这样的冲击往往让他们不敢提供风险最高的抵押贷款。

　　Kevin Daly, an economist at Goldman Sachs, an investment bank, thinks the FPC will enforcetougher affordability tests this year, possibly as soon as June. That would take some heat outof the market. It could also be unpopular. Poorer people would have to save for longer to buya house. Wealthy home-owners would lose the comfort of swiftly rising prices. And GeorgeOsborne, the chancellor of the exchequer, would probably regret the cooling of a pre-electionhousing boomlet. But the FPC is independent for a reason. It should not fear to act.

　　投行高盛投资公司的一个经济学家凯文·戴利认为，金融政策委员会赶在今年6月实施更严格的负担能力测试。这可能会使房产市场降温，也可能不受欢迎。经济条件较差的人可能需要花费更长时间为买房存款，富有的房屋所有者也可能因为急速上升的房价颇感不适。英国财政大臣乔治?奥斯本或许会后悔选前冷却房地产短期繁荣的措施。但金融政策委员独立也是有原因的，他们可不怕采取行动。

　　重点讲解

　　1.turn to 求助于;变成

　　例句:To order, turn to page 236.

　　如需订购，参见236页。

　　2.housing market 房地产市场;住房市场

　　例句:Retailers have given up waiting for a turn in thehousing market.

　　零售商们已放弃等待房产市场上的转机。

　　3.struggle to 努力;奋力

　　例句:Curiously, the struggle to survive has greatly improved her health.

　　奇怪的是，她拼命求生的抗争使得她的健康状况大有好转。

　　4.according to 根据;按照;依照

　　例句:He advocates streaming children, and educating them according to their needs.

　　他提倡把学生按能力分班，因需施教。

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