Osborne to give Bank of England new powers over mortgage lending

George Osborne, U.K. chancellor of the exchequer Photographer: Chris Ratcliffe/Bloomberg

Svenja O'Donnell

UK Chancellor of the Exchequer George Osborne (inset) will give the Bank of England new powers over mortgage lending to prevent the strengthening housing market posing a risk to the economy.

While real estate doesn't pose an "immediate threat", it could do in the future, the chancellor said in his annual speech at the Mansion House in London last nigh.