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20/03/2009
Mandelson tips lending boost |
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Lending in the UK economy will soon increase, Lord Mandelson has said.
The business secretary told the Independent that recent actions taken by the government and the Bank of England to improve liquidity and capital, plus the bailouts of Royal Bank of Scotland and Lloyds TSB, will help ease the situation.
As a result, he stated, people "should start to see a change in lending behaviour" soon, with a "stronger pattern of lending emerging".
Such a situation could be good news for those looking to finance purchases of residential property, who may benefit from legal advice about the processes involved.
Figures from the Council of Mortgage Lenders this week show that mortgage lending was down in February to its lowest level for that month since 2001.
The volume of money agreed in home loans was £9,900 million, compared with £25,043 million in February 2008.
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