The Coalition is preparing the £140billion lifeline to small businesses, homeowners and the banks in order to jolt the economy back into life. The Chancellor George Osborne and Bank of England Governor Sir Mervyn King unveiled the plan to yesterday to unleash vast sums via the high street banks.
The main points of public interest in the proposed scheme are;
• Scheme aimed at limiting impact of ‘Eurozone debt storm’ which is blamed for raising the cost of lending
• Banks will be loaned money on condition they pass it on in the form of cheaper loans and mortgages
• Huge sum represents 1/5 of all Government spending, more than defence and education budgets combined
• Government will soon announce another initiative to underwrite tens of billions of pounds on spending on housing and infrastructure