George Osborne
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George Osborne 'vigilant' on mortgages

12 June 2014 Last updated at 22:44 BST

The Chancellor George Osborne is to give the Bank of England extra powers to curb riskier mortgages.

Speaking at the annual Lord Mayor's Banquet at Mansion House in London, Mr Osborne said there was no immediate cause for alarm in the housing market.

But he said that if the current growth was left unchecked, it may damage financial stability in the future.