Government Encourages Banks To Lend Mortgages With £140bn BoostTweet
Published on July 5, 2012 by TBO editor
The Government and the Bank of England have unveiled a potentially risky, and very expensive, plan that why hope will ignite the UK economy. The massive sum is designed to help the UK avoid the worsening Eurozone crisis; banks have been told they can borrow a share of this money on the condition that they pass it along in the shape of customer mortgages.
The Eurozone crisis continues to reach new depths of despair and the government is keen to avoid the continued increase in the cost of borrowing that that this has caused. As such, Chancellor George Osborne backed by the head of the Bank ofEnglandSir Mervyn King has announced a major, new lending strategy that is being met with controversy in some quarters. This move could prove beneficial for potential landlords and small businesses as well as those looking to buy their own property.
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