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Government scheme to free up credit markets

13/10/2008

Today, the government announced a £50 billion scheme to restore confidence in the UK banking industry and kick-start lending.

To quote from the Government’s News Distribution Service, the proposals aim to:

• Provide sufficient liquidity in the short term;
• Make available new capital to UK banks and building societies to strengthen their resources permitting them to restructure their finances, while maintaining their support for the real economy; and
• Ensure that the banking system has the funds necessary to maintain lending in the medium term

“Basically,” said a spokesperson for Debt Advisers Direct, “The Government is trying to reinforce confidence in the whole banking system by making more cash available to it.

“Recently, banks have been reluctant to lend money to each other – which means there’s been less credit available to normal consumers, from mortgages to credit cards and debt consolidation loans. The banks themselves will benefit from the scheme, and so will consumers. As the BBC reports: ‘Negotiations will take place with each participating institution that will require them to extend normal credit lines to homeowners and small businesses’.

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Debt Advisers Direct offer a range of debt advice and debt solutions, including debt management plans, debt consolidation and IVAs (Individual Voluntary Arrangements).

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