Tuesday, February 3, 2009
Why didn’t he say this three years ago?
A Conservative government would order the Bank of England to keep a lid on excessive borrowing as part of its mandate, including monitoring house prices, the shadow chancellor George Osborne has said. Our housing boom was much larger than America's. Our households are more indebted, with the debts to income standing at 175% for the average British family compared to 140% for the average American family. Recent economic growth had been dangerously reliant on financial services, the shadow chancellor said, with nearly two thirds of all new jobs over the past five years coming from that sector.