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01/08/2012 - Chancellor Launches £80 Billion Bank Lending Scheme

The Chancellor of the Exchequer, George Osborne, has officially announced the launch of an £80 billion initiative designed to kick-start bank lending in order to boost the country's economy.

The Bank of England and HM Treasury's Funding for Lending (FLS) initiative is making money available to banks on the condition they pass it on to businesses and households in the form of affordable loans and mortgages.

Through the new scheme, banks will be able to borrow during the 18 months from 1 August 2012 until 31 January 2014. The scheme is eventually expected to supersede the £20 billion National Loan Guarantee Scheme (NLGS).

Mr Osborne said the move would help ease credit conditions throughout the economy.

"The FLS has officially opened for business and will in time effectively take over from the NLGS, delivering credit easing to the whole economy."

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Source: HM Treasury, 01/05/2012

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