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Bank claims: Funding for lending scheme announced

Banks will be provided with cheap credit if they deal with more loan claims and other requests for finance.

Chancellor of the exchequer George Osborne defined this policy as "funding for lending".

Families intending to purchase their own home and companies planning to expand will be supported through the initiative, which will increase the amount of liquidity realised by high-street banks, he argued.

The politician revealed he and the governor of the Bank of England Mervyn King will take "coordinated action" to ensure credit reaches the areas it is needed the most.

Which? executive director gave a cautious welcome to the announcement.

He argued that the scheme should have "clear safeguards" in order to ensure lenders pass this money on to consumers and small businesses.

Banks have been utilising the lack of high-street competition to increase the interest rates on loan charges, mortgages, overdrafts and other bank claims, the specialist pointed out.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801386042-ADNFCR

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