Is The Government Determined To Help Potential Home Buyers?
- Posted by admin on December 28th, 2008 filed in Finance
The chancellor Alistair Darling has reiterated the government’s determination to help potential home buyer’s access mortgages, saying that it would work up a detailed scheme to boost lending by next spring in line with the principal recommendation of the Crosby report.
The scheme would involve government supporting the mortgage market by providing, for a temporary period, guarantees for securities backed by new mortgages.
The chancellor said he is setting up a new body called the Lending Panel which will monitor lending to both business and households. It will bring together the government, lenders, trade bodies, consumer groups, regulators and the Bank of England to monitor lending levels and practices by banks.
To implement this recommendation, Mr Darling said, the government would need to obtain State Aid approval from the European Commission
As part of a programme to accelerate capital spending the chancellor said he was bringing forward
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