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BoE extends Special Liquidity Scheme

The Bank of England has extended its Special Liquidity Scheme until the end of January 2009.

Mervyn King, governor of the BoE ruled out any extension of the scheme last week, which was due to close on October 21 2008.

Commenting on the u-turn, Michael Coogan, director general at the Council of Mortgage Lenders, says: “In making a clear announcement today, the bank has shown a welcome flexibility to respond to difficult market conditions. Its action should help promote stability at a time of uncertainty, and we would urge the Bank to continue to show flexibility, given that market conditions will remain challenging next year.

“Immediate prospects for an improvement to the operation of wholesale mortgage funding markets had not been helped by the recent tightening of liquidity in response to more widespread financial market uncertainty. The removal of constraints to mortgage funding remains an important requirement for any longer term recovery in the housing market.”


Prestbury’s reputation under fire

A former Prestbury sales director has accused its senior management of undermining the network’s reputation as the company looks to close a transfer agreement with Personal Touch Financial Services.

Landlords call for rent-back rules

Nearly two-thirds of landlords polled by research firm BDRC believe sale-and-rent-back should be regulated. The survey of 500 landlords also found that 58% worry that such schemes will be misused by clients.

Mawdsley quits The Mortgage Partnership

John Mawdsley, managing director of Merseyside-based The Mortgage Partnership, today announced that he was hanging up his mortgage spurs – for the time being. Mawdsley started in the mortgage market in 1974 at the Liverpool branch of the Hastings & Thanet building society.He swiftly moved on to a management position at what was then the […]

Meet Labour’s new economic guru

This week I can exclusively reveal that Prime Minister Gordon Brown’s office will soon announce the appointment of David Beckham as the government’s new economic guru. LA Galaxy is thought to have been paid £50m to release him from his contract, ensuring that he is free to sign for Labour. A job title has yet to be decided.

Europe: banking on a recovery

Neptune video: Europe — banking on a recovery

Arguing that the eurozone crisis is over, watch Rob Burnett, head of European equities at Neptune, discuss the sectors that he’s investing in to harness the recovery. 

In the video, Burnett addresses the following: 

• The primary drivers of the eurozone’s economic recovery
• The turnaround in individual countries’ current accounts
• Sectors best positioned to harness the recovery, without offering undue exposure to risk


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