Thursday, 15 May 2014

"Bank of England rate rise panic: police hunt for man who dumped house price increase"

From The Evening Standard:

Police were today hunting for a man who abandoned an average monthly London house price increase in the middle of the street outside the Bank of England causing a massive interest rate rise panic.

Bank Underground station was closed and all roads around the area were sealed off while maco-prudential tools were deployed to defuse the threat of a rate hike.

Witnesses said the man left a dark green Toyota Avensis - believed to be worth approximately as much as the average monthly increase in value of a typical London home - abandoned in the road at the junction outside Bank station before walking away...

City of London police said the interest rate time bomb was made safe at around 1pm today, two hours after first arriving at the scene. Tougher affordability tests were used to check out the price increase before it was examined by officers in protective clothing.

A spokesman for the Bank of England said there had been talk of a bubble which proved unfounded but added that employees continued to remain vigilant.