Downing Street Says » Stamp duty/mortgage financing

» Wednesday, September 3, 2008

Stamp duty/mortgage financing

Asked if some sort of intervention in mortgage financing was likely to happen, the PMS replied that the Chancellor had announced back in April that Sir James Crosby would look at how we could make the mortgage market, especially the wholesale mortgage market, function more effectively. Crosby produced his interim conclusions in July and we were expecting his final report to come within the next month or so. Yesterday was about helping those people who were affected by what was happening in the housing market; it was never the intention to address the issue of mortgage availability because Sir Crosby was looking at that separately.

Asked for the Government s view on Mervyn King s concerns about some of the proposals that had been made in the Crosby Review, the PMS replied that the Bank of England and the Treasury were in discussion about these matters all the time.

Asked if the Bank of England and the Treasury were on the same page, the PMS said that he was sure they were.

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