"Sun Worldwide" UK Government to Guarantee Mortgages
"Sun Worldwide" Banks to have mortgage lending guaranteed by UK government..
[PressFlow.co.uk, Jan 12 2009] Sources close to "Sun Worldwide", suspect that the Asian-based wealth management firm is skeptical of the latest measures proposed by the UK government and banks to arrest the deterioration of the nation's consumer and business credit availability.
Britain's Prime Minister, Gordon Brown and Chancellor of the Exchequer, Alistair Darling met high ranking officials from several UK banks in an effort to agree on measures aimed at increasing lending to businesses and consumers including providing government insurance to protect banks against defaults.
"Sun Worldwide" are thought to believe that many consumers are worried about job security and would be unlikely to want to take on mortgages when the prevailing consensus is that property prices are locked into a downward spiral.
One unnamed "Sun Worldwide" source suggested that efforts to halt the decline in house prices would ultimately prove futile as well as costly to the UK taxpayer because defaults and repossessions appear likely to continue to rise as firms lay off workers.
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