The Guardian: "Vince Cable: interest rates may have to rise to combat housing boom"

"Business secretary warns of danger that London may be largely inhabited by 'foreigners and bankers', as house prices spiral"

Link to web site

"The business secretary, Vince Cable, has warned that interest rates may have to rise to constrain a 'raging housing boom' in London and the south-east.

"Speaking on BBC1's Andrew Marr Show, he said if interest rates were not increased by the Bank of England, there was a danger that large parts of London could be inhabited only by foreigners and bankers, as house prices spiralled.

"He added that, on the other hand, if interest rates were increased it would have a negative impact on UK manufacturing, since exchange rates would rise, making exports harder."