The Prime Minister is to unveil a series of key measures that will see the Government insure the ‘toxic assets’ of major lenders and pump around £14 billion into the mortgage market through Northern Rock.
On Thursday, the Treasury is expected to announce plans to form a “toxic bank”, using taxpayers’ money to insure £500 billion of bad debt.
In addition, Mr Brown has signalled that he wants a return to more ‘sober’ banking practices, with a possible ban on 100 per cent mortgages to ensure people must save a deposit before buying a house.
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