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Cable: Bank preparing to 'deal with' house prices

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.

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Vince Cable: 'Housing bubble would repeat mistakes'

Business Secretary Vince Cable said the housing market risked a return to the cycle of boom and bust that marked the last Labour government.

The Government has done really good work turning the economy around: we risk it being derailed by a housing bubble repeating the mistakes of Gordon Brown.

If we are going to get a recovery it has to come through exports and British industry, not property inflation.

It’s not my job to tell [the Bank of England] what to do, but I get a sense that the Governor of the Bank does understand this is a serious problem.

– Business Secretary Vince Cable

Cable: Bank of England Governor preparing to 'deal with' house prices

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.

Business Secretary Vince Cable

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.

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