UK plans new code for business lending, says Brown
Business Secretary Peter Mandelson will propose a new code for banks on business lending, Prime Minister Gordon Brown said on Tuesday.
By Agencies |
LONDON: Business Secretary Peter Mandelson will propose a new code for banks on business lending, Prime Minister Gordon Brown said on Tuesday.
"The Business Secretary is proposing a new code, a bank statement of principles around business lending. It will be monitored carefully across the banking sector, particularly to help small businesses meet their cash flow needs," Brown said.
Brown told reporters the government would also strengthen protection of those who have borrowed money to buy their homes.
"I am determined to take further tougher action with responsible lenders to give families more reassurance that they will not be repossessed and that the government will stand with them through these current difficulties," he added.
"The Business Secretary is proposing a new code, a bank statement of principles around business lending. It will be monitored carefully across the banking sector, particularly to help small businesses meet their cash flow needs," Brown said.
Brown told reporters the government would also strengthen protection of those who have borrowed money to buy their homes.
"I am determined to take further tougher action with responsible lenders to give families more reassurance that they will not be repossessed and that the government will stand with them through these current difficulties," he added.
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