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BoE to increase auctions

The Bank of England is set increase the size and number of auctions it holds to help cash strapped lenders.

From Monday it will hold auctions of £40bn worth of three month money weekly rather than monthly.

The BoE is also increasing the term of its existing operations to lend US dollar funds against collateral eligible in the Bank’s short-term repos and US Treasuries.

An operation to lend $30bn of funds for one week will take place today, alongside an operation to lend funds overnight.


House builders develop code of conduct

The house building sector is developing a code of conduct to address consumer concerns about excessive delays, faults in new homes and issues with fees.

US votes against $700bn rescue plan

The US House of Representatives have voted against the $700bn rescue plan that was set to save the US from recession.The proposal to extract toxic debts from the banking system failed by 228 votes to 205 in the Congressional house.Despite falls worldwide and the greatest one-day drop -7% – in the history of the Dow […]

CBI predicts 12,000 financial job losses

The Confederation of British Industry is predicting that the financial services sector will suffer at least 12,000 job losses over the next quarter.

BSA sees 31% dip in approvals

Continued uncertainty in the housing market saw net approvals by societies in August remain low at £2.8bn, a 31% decline compared to August 2007, show figures from the Building Societies Association.


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