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Osborne defends budget on household debt

3 April 2014 Last updated at 13:24 BST

Chancellor George Osborne says there has been a "meaningful fall" in household debt, but that the Bank of England are still being "vigilant".

Mr Osborne, who was giving evidence to parliament's Treasury Select Committee on the budget, said whilst the government was still concerned with overall levels of debt, the Financial Policy Committee was a "powerful new watchdog".

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