View more on these topics

PBR: Government to guarantee mortgage securities with EU permission

The Government has revealed it will take on board the long-awaited Crosby report’s proposals to guarantee mortgage-backed securities.

Darling says: “Today I welcome the publication of Sir James Crosby’s report and its principle recommendation today is that Government support for the mortgage market should be by providing, for a temporary period, guarantees for securities backed by new mortgages.”

Darling says he shares Crosby’s concerns of the availability of mortgage finance and to implement his recommendation the Government would need to obtain state-aid approval from the European Commission.

He says: “We will resolve some of the technical and practical considerations, but we will work out a detailed scheme based on his recommendations and seek state approval to proceed.”

Darling says he is also setting out a new body, a lending panel that will monitor lending to both small businesses and households – it will bring together the Tripartite, consumer groups and the mortgage industry to make sure lending continues.


Repos to raise the roof

So, the authorities have acted at last. The Bank of England has itself now been renation-alised and is firmly back under the control of the politicians at the Treasury. By the way, am I the only person who thinks that the “independence” of the Bank of England has been an unmitigated disaster – more of this another time.

Tax cuts could spur on more savings, reveals Axa

Tax cuts predicted in today’s Pre-Budget Report could see an extra 43 per cent of Brits putting the extra cash into a savings account, reveals research by Axa.

Recession to be short and shallow

HSBC chief economist Dennis Turner has forecast the recession will be shallower and shorter than predicted, with a recovery starting in the second half of next year.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm