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Bringing stability to finances 131

Posted on Friday, 10 October 2008 01:13PM by Editor
A co-ordinated effort from the Government and the Bank of England to help address the current economic climate and give consumers increased confidence has been welcomed by the Home Builders Federation.

The Bank had acknowledged that there is no sign of inflation rising and so a Bank Rate cut was necessary and justified to boost the housing market and economy more generally. The announced plan will hopefully bring some stability to the financial crisis and will go some way towards boosting confidence in the banking sector.

But as the Chancellor stated whilst making the announcement, it has to result in an end to the current mortgage famine which is driving down housing transactions and weakening house prices.

The UK economy is intrinsically linked to the housing market so these measures should have many positive benefits to the economy as a whole.

Stewart Baseley, Executive Chairman of the HBF said "The crisis in the world economy dictated that coordinated and decisive action was taken and we warmly welcome the announcements. I hope that the Chancellor will ensure that banks now start to restore mortgage lending to more normal levels and that he continues to work closely with the Bank to assess if further rate cuts are needed to support the economy."
 
 
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