You may be interested to know scientists have worked out a
formula to find the most depressing day of the year. It comes
as no surprise it was this Monday. Be thankful, then, for the
actions of our esteemed Chancellor, who took the chance to create a
ray of light in a day otherwise washed out by Met Office weather
warnings by offering further measures to increase lending among the
Top Wordle words this week:
The fact that this word comes top feels somewhat narcissistic on behalf of the government. The Conservatives reacted without their characteristic overtones of outrage, with shadow chancellor George Osborne instead telling the Telegraph Alistair Darling had 'no choice' but to bring in the measures. "I don't like the idea, but it's a question of what options there are," he explained.
Precisely is what the banks aren't doing at the moment. Under the new measures, the government will encourage banks to lend by giving Northern Rock extra time to repay its loans, increasing its stake in RBS to nearly 70%, and selling insurance against bad debts. In the statement, Gordon Brown said lending is vital to the economy: "Businesses must have access to credit," he said.
In fact, Darling announced a number of different schemes including an extension of the Credit Guarantee Scheme (CGS), a new scheme under which the Bank of England can purchase 'high quality assets', and a capital and asset protection scheme for banks.
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