Chancellor gives Bank powers to restrict 'risky' mortgages

Chancellor George Osborne has announced he will give the Bank of England legal powers to stop Britons taking out mortgages that are too big compared with their income or the value of their home or income.

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Osborne: I'm acting to stop risks in the housing market

Chancellor George Osborne says measures unveiled today will help prevent "future risks" to the housing market by letting the Bank of England intervene on the size of mortgages homebuyers can obtain.

Mr Osborne also said action to build more homes would help more people get on the housing ladder.

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