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London - The Bank of England is watching Britain's fast-rising housing market closely and has the tools to take the heat out of it if needed, the central bank's deputy governor Andrew Bailey said in a newspaper interview published on Sunday.
"We are very focused on the housing market," Bailey told the Sunday Telegraph. "We have to be very careful about the balance of growth. It is very much dominated by the housing market and the consumption that is attached to that.
"We don't think that at this stage the situation is out of control. We have laid out the tools that we can use. The thing I stress is that we will use those tools."
Britain's banks have substantially strengthened their capital positions during 2013, he added.
