Government unveils rescue package for UK banking system

The Government will inject £25bn into the banking system as part of a rescue package to unfreeze inter-bank lending and restore market confidence.

The Government is expected to inject a total of around £50bn into the system, with funding also expected to help banks with their refinancing arrangements.

The Council of Mortgage Lenders welcomes the measures.

CML director general Michael Coogan says: “From what we can see so far, this seems to be a decisive, coordinated and reasonable package of measures that address both the relevant factors necessary to support a return to market stability.

"The flow of funding to support mortgage lending has been severely constrained, and these measures will help to create more positive conditions for the mortgage market.”

• About Us
• Subscribe to the magazine
• Advertising
• Contact Us
• Terms and conditions
• Privacy Statement