It is a big day for the Bank of England, the first time its new Financial Policy Committee is expected to exercise powers to stem overheating in a part of the economy that could destabilise banks and the financial system. As you all know (you ought to by now, for gawd's sake), the bubblicious market of concern to the Bank's boffins and regulators is the housing market in London and the South East, where prices have been rising at dangerously fast rates (circa 20% per annum in the metropolis). Here's a little film I made yesterday about what is going on in London and what the Bank of England is likely to do about it. ... (full story)