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Gordon Brown announces a major rescue package for struggling homeowners

In a move which has surprised many in the market Gordon Brown has today announced a new package for stricken homeowners who stand to lose their homes. Under the scheme, those with interest only mortgages would be able to defer up to 2 years worth of interest to give them breathing space to sort out their finances. While the details of the scheme have not yet been released to the open market, there is relief that the government are doing something sooner rather than later.

The announcement of the new package was totally unexpected as it was omitted from the Queen's speech when she opened Parliament today. Whether Gordon Brown is looking for maximum exposure for his plan or it was a late addition to the timetable is not certain but it has got the headlines of the financial papers. The scheme will see the government guarantee deferred interest payments if the homeowner is not able to settle their debt with the banks after two years.

The scheme has received a warm welcome across the board and even opposition parties were taken aback by the scale and magnitude of the announcement. We await further details in due course.

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