The Bank of England seems to be giving the clearest possible sign that it thinks the UK housing bubble will burst, and it thinks that a 'soft landing' for those affected by the fall out is unlikely. That, after all, is the invariable historical precedent of such crashes. Negative equity and excessive credit burdens always follow and take years to clear from the system.
And why is this happening? All because George Osborne deliberately and wholly inappropriately blew the bubble up.
That will be what he is remembered for. We once had a Lawson boom and crash. Amazingly Osborne will have a recession and crash.
The worst Chancelllor beyond living memory, anyone?