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The Bank of England is fully aware that Britain's housing market has a "microwave-type quality" with a tendency to go suddenly from lukewarm to scalding hot, its chief economist said on Friday. But Spencer Dale said the central bank now had more tools to deal with that risk than in the past. Dale's comments echo those of Governor Mark Carney who warned this week that Britain's housing market had a history of moving "from stall speed to warp speed." Record low mortgage rates and a sharp economic upturn has lifted annual house price inflation in Britain to almost 8 percent, according to mortgage lender Halifax. Dale acknowledged that household spending had so far been the biggest driver of Britain's economic recovery.
PRETORIA, South Africa (AP) — About 100,000 South African mourners waited in line on Friday to view the body of Nelson Mandela, which was lying in state for the third and final day, but most were likely to be turned away before officials remove the casket in the late afternoon.