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The government is in a desperate race to try and refloat the UK economy before we see a major collapse in the UK employment market. A recent flurry of announcements from various recruitment...
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Wednesday 16th July 2008
Much like we speculated on this site just a few days ago, it looks as though the government and Bank of England may be forced into extending the £50 billion asset swap deal announced earlier this year. The scheme was described as a major success but rather than increase and support the level of mortgage finance available to the UK market, many banks used the opportunity to shore up their balance sheets. Now that times are no better they are coming back to the authorities, cap in hand.
An initial move has been made by the Council of Mortgage Lenders (CML) in the UK with representatives having visited the Treasury over the last few days. They are begging the authorities to extend the scheme and revise the quality of debt which can be exchanged for government backed bonds – used to support future lending in the market.
The CML is using very emotive language suggesting there is a ‘window of opportunity’ and ‘speed is of the essence’, all designed to railroad the authorities into extending and improving the current scheme. Quite whether the authorities will be prepared to stump up another £50 billion remains to be seen, but one thing is for sure, the last scheme had very little impression on confidence in the UK money markets. |
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