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Industry disappointed with new Crosby delay

The long-awaited Crosby report into funding the mortgage market has been delayed again.

The report by former HBOS chief Sir James Crosby was due this week but has been put back until October 13.

The industry hopes the report will convince the Government that aid is required to revitalise the illiquid wholesale markets.

A Council of Mortgage Lenders spokeswoman says: “We are disappointed. Decisive action is needed to help the mortgage market. However, we understand that the Government needs to redress the report to fit with the changing world markets.”


Lloyds a race-winning tortoise

Conservative shadow chief secretary to the Treasury Philip Hammond has urged banks to learn from Lloyds TSB – a race-winning “tortoise” compared with the failed hares of the banking sector.

Class action

Over the last few years, the prices of most asset classes have risen strongly and a major factor behind this has been the availability of cheap money. This continued to be the case until about a year ago. Almost all assets rose whereas their performance would normally have diverged to a greater extent. This process was driven by strong flows of liquidity into markets.


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