£100 billion funding programme for Britain’s banks could lead to cheaper finance
At the recent Mansion House speech in London, the Governor of the Bank of England, Sir Mervyn King, alongside the chancellor, George Osborne, announced a plan to inject over £100billion into Britain’s high street banks. This is on condition that the banks pass it on directly to the public in the form of cheaper mortgages and business finance.
The money is expected to move into circulation in a few weeks’ time and follows news that lending to first time buyers dropped by 70% in April after the Stamp Duty holiday came to an end, according to the Council of Mortgage Lenders (CML).
No further announcements have been made as yet, but we will be reporting further developments as soon as they are announced.
Your property will be repossessed if you do not keep up repayments on a mortgage or other loan secured on it.