Osborne to Give Bank of England New Mortgage Controls
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Chancellor of the Exchequer George Osborne promised the Bank of England new powers over mortgage lending to prevent the strengthening housing market derailing the recovery.
While real estate poses no immediate threat, it could do in the future unless action is taken, Osborne said his annual speech at the Mansion House in London tonight. Under the plans, financial-stability officials would be able to cap the size of mortgages as a proportion of income or property value.