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Business Secretary Vince Cable said the housing market risked a return to the cycle of boom and bust that marked the last Labour government.
Booming house put the UK at risk of “repeating the mistakes of Gordon Brown” and will force the Governor of the Bank of England to intervene, Vince Cable has said.
The Business Secretary described increases in house prices in the South as a “worrying” development which threatens Britain’s economic gains, the Telegraph reported.
Mr Cable suggested the Bank of England Governor Mark Carney is preparing to step in to “deal with” rapidly rising house prices.