【正文】 at the top of the market.
　　It is helping families, and that is how we intend to keep it.
　　So today Iamp。 as they do in places like Hong Kong.
　　Itamp。 or had the tools to do anything about them.
　　I have changed that.
　　The new Financial Policy Committee in the Bank of England has been given the authority andthe macroprudential tools to act.
　　They have also insisted on the toughest stress tests for our banks, so that this time round theycan withstand the worst.
　　Before Christmas, the Bank acted with the Treasury to refocus the Funding for LendingScheme away from mortgages towards small business lending.
　　And earlier this year, our regulators put much more rigorous mortgage standards in place.
　　These are all important steps.
　　The FPC already have further tools in their armoury. But today we go further.
　　I want to make sure that the Bank of England has all the weapons it needs to guard againstrisks in the housing market.
　　I want to protect those who own homes, protect those who aspire to own a home, and protectthe millions who suffer when boom turns to bust.
　　So today, I am giving the Bank new powers over mortgages including over the size ofmortgage loans as a share of family ines or the value of the house.
　　In other words, if the Bank of England thinks some borrowers are being offered excessiveamounts of debt, they can limit the proportion of high loan to ine mortgages each bankcan lend, or even ban all new lending above a specific loan to ine ratio.
　　And if they really think a dangerous housing bubble is developing, they will be able to imposesimilar caps on loan to value ratios 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。t learn the lessons of the past.
　　So we act now to insure ourselves against future problems before they can materialise.
　　Because economic security es first.
　　The first challenge is to be clear about the issue, and we are.
　　The second is to act on it.
　　When I spoke to you in 20xx, I said one of the weaknesses of the system of financialregulation Iamp。t.
　　Could it in the future? Yes, it could, especially if we donamp。 and are forecastto stay below that peak for some years to e.
　　At the same time debtservicing costs remain at near record lows and rental yields are in linewith long term trends.
　　So there is no immediate cause for alarm.
　　Indeed the most recent data shows that mortgage approvals have actually slowed in the lastcouple of months.
　　But we need to be vigilant.
　　For there are on the horizon things that should give us some causes for concern.
　　If London prices were to continue growing at these rates that would be too fast for fort.
　　And the rate of price rises is now beginning to spread beyond London. Across the country, theratio of house prices to ines is high by historical standards.
　　And while average loan to value ratios for new lending are still well below normal, average loanto ine ratios have risen to new highs.
　　Let me spell it out: does the housing market pose an immediate threat to financial stabilitytoday? No, it doesnamp。s how.
　　First, we have to be cleareyed 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。 and our economic plan will provide long term answers.
　　Hereamp。 no shortterm fixes.
　　Housing is a long term problem amp。rsquo。rsquo。rsquo。rsquo。ndash。s housing market.
　　Instead we have the repeated cycle of financial instability driven by high household debt。 and wewant more homes built, just not next to us.
　　You can see why no one has managed yet to solve the problems of Britainamp。rsquo。ndash。ndash。rsquo。rsquo。ndash。rsquo。ndash。rsquo。rsquo。rsquo。ndash。rsquo。ndash。 45% of overthecoun