【正文】 reyed about where the risks to economic stability lie today.
　　The risks e when people borrow too much to pay for rising house prices.
　　In excess, that debt can cause serious difficulties for them and the banks who lent to them.
　　And it can cause difficulties for the economy as a whole if an overhang of debt suppressesconsumer spending.
　　Now, today, house prices are still lower in real terms than they were in 20xx amp。d inherited was that no one was looking for broader risks across the economy, inareas like housing.
　　So no one saw the rising debt levels amp。ve taken big new steps to protect financial stability, strengthen the new role ofthe Bank of England and pleted the range of tools at their disposal.
　　This addresses the economic problem of how we stop rising house prices leading to anunsustainable rise in household indebtedness, and threatening the wider economy.
　　But it does not address the social problem of how we stop young families being priced out ofthe housing market altogether.
　　That requires a third pillar to our housing strategy, alongside the clear analysis and newfinancial weapons.
　　We need to see a lot more homes being built in Britain.
　　The growing demand for housing has to be met by growing supply.
　　The alternative, as in any market, is that prices will rise so that homes bee unaffordable tomany of our citizens and take up ever more of their ines.
　　Weamp。ve got the biggest programme of new social housing in a generation。 local authorities will be able to specify the type of housing, not whether thereis housing.
　　And it will mean planning permission for up to 200,000 new homes amp。rsquo。rsquo。ve got the first garden city for almost a centuryunderway in Ebbsfleet.
　　Now we need to do more. Much more.
　　We have beautiful landscapes, and they too are part of the inheritance of the next preserve them, we must make other promises.
　　If we want to limit development on important green spaces, we have to remove all theobstacles that remain to development on brown field sites.
　　Today we do that with these radical steps.
　　Councils will be required to put local development orders on over 90% of brownfield sites thatare suitable for housing.
　　This urban planning revolution will mean that in effect development on these sites will bepreapproved amp。fought and controversial, like all things worth battling for in politics,and now they are already starting to work.
　　Last week we saw permissions for new homes rising by 20% in a year.
　　Weamp。s important that decisions to use these powerful tools are made independently of politics bythe Bank of England.
　　We saw from the last crisis the dangerous temptations for politicians to leave the punch bowlwhere it is and keep the party going on too long. And just in case there is any doubt.
　　I say today, very clearly: the Bank of England should not hesitate to use these new powers ifthey think it necessary to protect financial stability.
　　And I mit that while the Bank and the Treasury will need to design how these powers willwork in detail, and will want to consult on them, I will make sure that they are legislated forand in place before the end of the Parliament.
　　And I also mit today that if the Bank does act in future to limit mortgage lending then thesame rules will be applied to every single Help to Buy mortgage.
　　I know that some would take a more ideological position and end the Help to Buy schemealtogether.
　　They would return to the situation where only those first time buyers lucky enough to have richparents would be able to afford the large deposits demanded by the banks.
　　My approach will be dictated by the facts, not by ideology.
　　And the facts show that Help to Buy is working as intended.
　　As the IMF concluded last week, it is helping lower ine families, overwhelmingly firsttimebuyers outside London, to buy homes priced well below the national average.
　　It is not fuelling house price inflation in London or at the top of the market.
　　It is helping families, and that is how we intend to keep it.
　　So today Iamp。t learn the lessons of the past.
　　S