The British government is ready to proceed with a second bail-out of the nation’s ailing banks. Prime Minister Gordon Brown announced that he hopes the new moves will make it easier for businesses and households to obtain credit.
Mr. Brown said: “We know that the essential problem that has been held back by what has been happening internationally over the last few months is the resumption of lending and the expansion of lending.”
He continued: “What we want to do is see businesses get the money that they need to be able to create jobs and secure investment for the future. What I want to see is people who are mortgage holders having access to mortgages at prices they can afford.”
Officials are hoping that the new move will help ease the continuing credit freeze. The inability of both individuals and businesses to obtain credit is threatening to turn the current economic slowdown into the worst recession since the Second World War.
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