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Brown hints at more steps to get credit flowing
LONDON — Prime Minister Gordon Brown said Wednesday that further measures may be needed to encourage banks to resume a normal flow of credit to small British businesses and homeowners.
Brown came under pressure Wednesday from opposition lawmakers who complained that the government's 37 billion pound ($55.5 billion) recapitalization program for banks had not yet eased the flow of credit.
Brown said the government was monitoring banking activity, and meeting frequently with bankers to try to resolve issues which continue to restrict credit during the global financial crisis.
"We are ready to take further measures if necessary," Brown said.
Brown's spokesman Michael Ellam told reporters new measures are likely to be announced on Monday, when treasury chief Alistair Darling publishes his pre-budget review.
"This is obviously something we keep under constant review, that's something that the chancellor (Darling) will address in his pre-budget review," Ellam said.
The government's plan to inject capital into banks by taking equity stakes was taken up by HBOS, Lloyds and Royal Bank of Scotland Group PLC last month.
"We are in discussion with the banks ... about, first of all, how HBOS, Lloyds TSB and Royal Bank of Scotland can achieve their promise that they will have activity for lending and marketing of lending at the level of 2007. Secondly, how all the banks can resume funding," Brown said.
"We will be bringing forward proposals very soon," he added.
Brown said the government had expanded a small business loan program and noted that the Bank of England had slashed the base interest rate from 4.5 percent to 3 percent.
"That must flow through to small businesses as it has to homeowners," Brown said of the rate cut.
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Copyright 2008, The Associated Press. The information contained in the AP Online news report may not be published, broadcast or redistributed without the prior written authority of The Associated Press.Have fun
An Excuse to Celebrate
December 2
Today is St. Bibiana's Day. Don't know who she is? You probably just forgot because St. Bibiana is a the patron saint of drunks and hangovers. What better way to honor her than by heading to the bars? Bars and clubs guide »
Best of Dayton
You Decide What's the Best
Best Cup of Coffee [poll]
Here's where you get to tell the world what you think. Every week you get to vote on the best that the Dayton area has to offer in entertainment, restaurants, recreation & and a few other bizarro categories.
Voting in this category ends on Dec. 8.
We have REVISED our official rules »
Colleges
Find Local College Events
University of Dayton
- The Dan Rivers Acoustic Open Mic Show at Bargos Grill
- William Grant Still Music Festival Celebration at Sear's Recital
- Karaoke at Milano's
Sinclair Community College
- Open Musician Blues Jam hosted by Brownstreet Breakdown at J-Alans
- Open stage night at Canal Street
- College and Talent Night at Aquarius Night
Wright State University
Things to Do
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Holiday events to get on your radar … and we're not just talking Christmas lights here [things to do]
There's never a shortage of holiday events in the area to occupy your time until the New Year rings itself in. This year, all the usual suspects are present — Woodland Lights, RiverScape ice skating, Lebanon's Carriage Parade — with a couple of brand new additions to the mix, including 50 Under $50, a collaborative collection of area artists, getting together for a Friday/Saturday shopping and entertainment experience at 20 N. Jefferson St. downtown this weekend, the same place the recent Dayton LadyFest made its mark; Sandstorm Middle-Eastern Dance Company's Ho Ho Hafla — a holiday show like no other; and a pub crawl for a good cause. More »
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Movies
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'Australia'[movies]
A big action adventure with big, big stars Nicole Kidman and "Sexiest Man Alive" Hugh Jackman. Set in Australia (duh) on the brink of World War II, the plot follows English aristocrat Kidman and cattledriver Jackman as they fight to save the land she inherited. More »
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Food & More
Local Dining
Wine & Dine: More local restaurants are offering wine tasting/dinner pairings [review]
Some are searching for new customers. Others are looking for a test market for new appetizers or entrees. Others want customer feedback on which new wines to add to the wine list. Whatever their reasons, more restaurants in the Dayton area are using wine tastings and wine dinners to try to get new, fresh faces to cross their doorsteps. A decade ago, diners could easily count on one hand the number of restaurants that held regular wine events. Now, the number exceeds a dozen and is growing. More »
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