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Is the devil in the detail of Gordon Brown's new housing rescue?

As soon as Gordon Brown's new rescue package for homeowners had been announced there were questions being asked about the details of the scheme and who exactly would be able to apply for help. Gordon Brown announced that 8 of the 12 major banks in the UK had already signed up to the scheme, although after being questioned later in the day it appears that many of the banks were slightly surprised by confirmation they had "signed up".

The sector and homeowners are now awaiting the detail of the plan and whether this is in addition to the current mortgage interest relief scheme or set to replace the older scheme. There are questions as to whether the vast majority of home owners will be able to apply as Margaret Beckett seemed to suggest that only 9,000 families would benefit out of a total of 75,000 homes expected to be repossessed next year. If these figures are correct this is not the impression which Gordon Brown gave in his speech to parliament.

Unless the government is able to deliver on promises made to date, there is a serious risk of a backlash from UK voters who have been waiting for more recent promises to be delivered by the government.

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