Chancellor confirms that Bank of England has powers to regulate buy-to-let market

The UK Chancellor, George Osborne, has confirmed that the Bank of England and Financial Policy Committee (FPC) have requested, and been granted, additional powers to control buy-to-let lending. These powers are an extension to those available to curb the availability of mortgages in the rest of the residential mortgage market. The move comes after comments by the Governor of the Bank of England, Mark Carney, that the buy-to-let market could be a threat to the UK’s economic recovery.

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