15 Jun

Osborne reveals funding for lending

Osborne reveals funding for lending

The chancellor has revealed a new scheme which he has said the government hopes will help to boost lending from the high streets, meaning that people may face better mortgage conditions in the future.

George Osborne pledged £140 billion under the funding for lending scheme which will see lenders given money to offer more credit to those who need it.

Mr Osborne said: "A lack of credit is damaging businesses and costing jobs, the government and the Bank of England have been working closely together to develop the right response."

Consumer watchdog Which? said that it was welcoming the new moves "cautiously" and not praising it without first seeing how effective the scheme would be.

In recent years, homebuyers have faced tough lending conditions, with many struggling to raising a deposit of 20 or 25 per cent to the table to secure a mortgage for buying a house and leaving them needing to rent.ADNFCR-1222-ID-801386312-ADNFCR

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