Osborne says he is 'acting against future risks'

The Chancellor George Osborne has said ahead of his annual Mansion House speech:

I am acting against future risks in the housing market by today giving the Bank of England new powers to intervene and control the size of mortgages.

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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.