Jul 29, 2008
Commenting on the publication of Sir James Crosbyâ€™s report on the British mortgage market published today, Liberal Democrat Shadow Chancellor, Vince Cable said:
“Sir Jamesâ€™ caution towards Government intervention in the housing market is welcome.
“It is critical that siren voices in the City donâ€™t seduce ministers into using taxpayersâ€™ money to underwrite new bank lending and re-inflate unsustainable house prices.
“It is inevitable that pain will continue to be felt in the mortgage market for some time to come, but the answer is not to put more public money at risk which would only profit the banks.
“The Government should concentrate on helping families in danger of repossession. Ministers must allow councils to replenish their housing stock to meet rising demand.”