Bank of England steps in, no reverse to credit crunch impact

The Bank of England has taken a step forward in trying to relieve the effects of the credit crunch on the banking system. The bank announced today that it will exchange government bonds for a range of high quality bank assets, including mortgages.

This move was made in order to free up bank balance sheets. This means companies will be able to lend more to consumers who are struggling with falling house prices, fewer home loan products, and skyrocketing oil and food prices.

However, this exchange doesn’t come without a price, as government expects banks to start working on their own balance sheets.

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Help is at hand for struggling homeowners and property buyers

Despite efforts being made by government to prevent the credit crunch from spiraling out of control even more, it seems to be a case of ‘too little, too late’ for consumers and home buyers struggling to make ends meet.

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