Menu
21/04/2008
£50 Billion For UK Banks
In a bid to curtail the effects of the burgeoning credit crunch, the Bank of England has confirmed a £50 billion cash boost for UK banks.
According to leading mortgage lender, Halifax, house prices have fallen by 2.5 per cent in March marking a significant decrease since September 1992.
Chancellor Alistair Darling says that the move will "open up the market," and "begin the process of opening up the mortgage market, which will help householders".
The move will allow banks to cover high-risk mortgage debts with secure government bonds.
The bank said in a statement that financial markets "are not working normally", and that, "across the world, there is a lack of confidence in assets created from packages of bank loans".
Liberal Democrat Shadow Chancellor, Vince Cable commented: "It is obviously necessary for urgent action to be taken to unblock the mortgage market and to break the crippling effects of the credit crunch.
"However, we cannot have a situation where the banks are able to privatise their profits and nationalise their losses."
The loan will benefit consumers as the cost of mortgage deals will decrease as banks will now have greater financial flexibility.
(DS/JM)
According to leading mortgage lender, Halifax, house prices have fallen by 2.5 per cent in March marking a significant decrease since September 1992.
Chancellor Alistair Darling says that the move will "open up the market," and "begin the process of opening up the mortgage market, which will help householders".
The move will allow banks to cover high-risk mortgage debts with secure government bonds.
The bank said in a statement that financial markets "are not working normally", and that, "across the world, there is a lack of confidence in assets created from packages of bank loans".
Liberal Democrat Shadow Chancellor, Vince Cable commented: "It is obviously necessary for urgent action to be taken to unblock the mortgage market and to break the crippling effects of the credit crunch.
"However, we cannot have a situation where the banks are able to privatise their profits and nationalise their losses."
The loan will benefit consumers as the cost of mortgage deals will decrease as banks will now have greater financial flexibility.
(DS/JM)
Related UK National News Stories
Click here for the latest headlines.
14 April 2008
PM And Chancellor To 'Squeeze' Big Banks
Another type of credit squeeze is about to be applied to the UK's major banking institutions.
PM And Chancellor To 'Squeeze' Big Banks
Another type of credit squeeze is about to be applied to the UK's major banking institutions.
26 September 2013
Mortgage Customers To Be Compensated For Banks Error
Thousands of mortgage customers of Clydesdale and Yorkshire Bank are to be compensated following a ruling that they were treated unfairly. It is understood that the bank miscalculated some 22,000 customers' variable rate home loans, with the customers subsequently paying too little over a four-year period.
Mortgage Customers To Be Compensated For Banks Error
Thousands of mortgage customers of Clydesdale and Yorkshire Bank are to be compensated following a ruling that they were treated unfairly. It is understood that the bank miscalculated some 22,000 customers' variable rate home loans, with the customers subsequently paying too little over a four-year period.
05 August 2005
Housing market showing ‘modest improvement’
The housing market is showing a “modest improvement,” the Halifax has reported. House prices increased by 0.2% in July, following a similar rise in June, the Halifax reported. However, the annual rate of house price inflation has continued to fall, dropping to 2.3% in July – the lowest rate of growth since April 1996.
Housing market showing ‘modest improvement’
The housing market is showing a “modest improvement,” the Halifax has reported. House prices increased by 0.2% in July, following a similar rise in June, the Halifax reported. However, the annual rate of house price inflation has continued to fall, dropping to 2.3% in July – the lowest rate of growth since April 1996.
10 March 2009
Nine Held Over Alleged £40m Mortgage Fraud
Nine people are being questioned by police in relation to an alleged £40 million mortgage fraud, according to police. Officers from City of London Police fraud squad are searching six homes and three business premises in southern England. Eight men and one woman were held following the raids on the residential addresses in Sussex and north London.
Nine Held Over Alleged £40m Mortgage Fraud
Nine people are being questioned by police in relation to an alleged £40 million mortgage fraud, according to police. Officers from City of London Police fraud squad are searching six homes and three business premises in southern England. Eight men and one woman were held following the raids on the residential addresses in Sussex and north London.
16 April 2008
Market Slowdown May 'Ripple Out' To Scotland
A leading economist has warned that Scotland may not escape the housing market slump due to the credit crunch. Although the values are not likely to fall far according to Professor David Bell, it is only a matter of time before the market slowdown ripples out from London.
Market Slowdown May 'Ripple Out' To Scotland
A leading economist has warned that Scotland may not escape the housing market slump due to the credit crunch. Although the values are not likely to fall far according to Professor David Bell, it is only a matter of time before the market slowdown ripples out from London.
-
Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
