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Banking: King hits panic button

Publié par Clifford Armion le 15/06/2012

Ben Chu

The Governor of the Bank of England and the Chancellor of the Exchequer last night announced measures designed to prevent a new credit crunch that would push Britain's economy deeper into recession. The move was a clear sign that the Governor and the Treasury are alarmed by the prospects for the economy in the face of potential financial shocks from the eurozone.
Speaking at the annual Mansion House dinner in the City of London, the Governor, Sir Mervyn King, and George Osborne said the Bank and the Treasury were working on a liquidity operation – a "funding for lending" scheme – which would provide private banks with cheap funding in exchange for a commitment from lenders to provide cheap loans to ordinary businesses and households.
Sir Mervyn said he expected the scheme to be up and running "within a few weeks". Last night, the Treasury said it hoped the measures would increase annual lending flows to the economy by about 5 per cent, or £80bn.
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Pour citer cette ressource :

"Banking: King hits panic button", La Clé des Langues [en ligne], Lyon, ENS de LYON/DGESCO (ISSN 2107-7029), juin 2012. Consulté le 18/04/2021. URL: http://cle.ens-lyon.fr/anglais/archives/archives-revue-de-presse/banking-king-hits-panic-button