The Bank is losing a house price game

ARTICLE - This article suggests that the Bank of England's interest rate strategy has gone wrong causing a house price bubble and that central bankers avoid discussion on asset price bubbles incase their collapse makes them look stupid.

First published in the Financial Times, UK edition, by Andrew Farlow, 29 November. The writer is the tutor in economics at Oriel College, Oxford University.

The chancellor's argument in his pre-Budget report that the housing market is "sustainable" rests on the

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