Another Boost To Try And Help The Economy

01 August 2012 15:30 - Phoebe Robinson

    



Another Boost To Try And Help The Economy

The latest attempt to kick-start bank lending is to put £80 billion initiative to kick-start bank lending, and it was put into action today. The Bank of England Treasury’s Funding for Lending Scheme is going to make money available to banks on the condition that they give the money to businesses and households enabling people to get cheaper loans and mortgages. 

The chancellor George Osborn has said that at a time like this when banks face a worrying new phase in the global crisis this new move will help ease credit conditions throughout the economy.  He also said that the scheme would supersede the £20 billion National Loan Guarantee Scheme, know as credit easing, which was revealed in March as a flagship policy to boost to businesses. Osborn said that the credit easing scheme that has been initiated made a difference as it enabled more than 16,000 cheaper loans worth more than £2.5 billion to businesses across the UK and would be kept going in case it was needed again.

George Osborn said, "In many cases, the money saved has meant an extra person employed who otherwise still might be looking for work."The more generous FLS has officially opened for business and will in time effectively take over from the NLGS, delivering credit easing to the whole economy."

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Related Links :
Bank of England - Offical Site

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