• From This is Money:

    Under measures which could be unveiled as early as next week, councils could be allowed to buy repossessed and unsold properties to help people stay in their own homes.
    The Evening Standard revealed this month that town halls want to be able to offer financial help to borrowers unable to pay their mortgages in return for a stake in their homes or outright ownership.
    It emerged today that Mr Brown is keen to back the idea as ministers prepare an economic package to help voters cope with soaring mortgage costs and fuel and food bills this winter. Councils could also help people pay for deposits for new homes.
    Labour’s fears of a full-blown recession were underlined by a startling warning from one of the Bank of England’s senior policymakers.
    Professor David Blanchflower, who helps make the Bank’s interest rate decisions, said that two million Britons may be out of work by Christmas and big cuts in interest rates are needed now to stop the economy heading into a deep and prolonge…

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    Posted by Jon @ 2:25 pm

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