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Ministers plan repossession help Ministers plan repossession help
(about 1 hour later)
The government has warned that home repossessions should only be a "last resort" and says the banks should be doing more to help homeowners. Home repossessions should be only a "last resort" and banks should be doing more to help homeowners, the government has said.
Chief Secretary to the Treasury Yvette Cooper told Sky News she wanted "stronger rules across the board" to make sure homeowners were supported.Chief Secretary to the Treasury Yvette Cooper told Sky News she wanted "stronger rules across the board" to make sure homeowners were supported.
Meanwhile the chancellor has signalled he will use public spending to boost job-creating areas of the economy.Meanwhile the chancellor has signalled he will use public spending to boost job-creating areas of the economy.
There are predictions that this year repossessions will rise by 26,200.There are predictions that this year repossessions will rise by 26,200.
Both the government and the Conservatives have been outlining their plans to help people through the credit crunch.
The Council of Mortgage Lenders predicts that 45,000 properties will be repossessed this year.The Council of Mortgage Lenders predicts that 45,000 properties will be repossessed this year.
'Repayment holiday''Repayment holiday'
Ms Cooper said she wanted a "more responsible" approach to repossessions and the banks should adopt a more lenient approach.Ms Cooper said she wanted a "more responsible" approach to repossessions and the banks should adopt a more lenient approach.
She told Sky News repossession should be a last resort adding: "There are other things that banks can do, for example working with lenders to re-profile the payments or maybe give people a repayment holiday so they are just paying interest or other kinds of mortgage rescue schemes where maybe a share of the home is bought back by the bank or a housing association too. She told Sky News there were other things a bank could do.
"So there are a lot of things we can do to keep people in their homes when they are under pressure. Some banks are doing that... but also I'm worried about some of the anecdotal reports we have had where this is not happening." "For example working with lenders to re-profile the payments, or maybe give people a repayment holiday so they are just paying interest, or other kinds of mortgage rescue schemes where maybe a share of the home is bought back by the bank or a housing association too.
Those costs of doing too little will be greater than if we take the action to maintain spending and investment in the real economy - in public services and in infrastructure too Peter Mandelson class="" href="/1/hi/uk_politics/7678406.stm">Tories urge small business help "So there are a lot of things we can do to keep people in their homes when they are under pressure.
"Some banks are doing that... but also I'm worried about some of the anecdotal reports we have had where this is not happening.
Yvette Cooper tells Sky News she wanted "stronger rules across the board"
"That's why what we want to do is look at stronger rules across the board, that all the banks will follow, to make sure we are doing everything we can to support people through a difficult time.""That's why what we want to do is look at stronger rules across the board, that all the banks will follow, to make sure we are doing everything we can to support people through a difficult time."
Phil Woolas, who is joint Treasury and immigration minister, told the BBC later for some lenders, repossession seemed to the be the "first option" and the government wanted to make sure there were sufficient powers in the system to ensure it was the last. Phil Woolas, who is joint Treasury and immigration minister, said that for some lenders, repossession seemed to the be the "first option" but the government wanted to make sure there were sufficient powers in the system to ensure it was the last.
Meanwhile Chancellor Alistair Darling has said he will use public spending to boost the economy. Meanwhile, Chancellor Alistair Darling has said he will use public spending to boost the economy.
Building projectsBuilding projects
In an interview with the Sunday Telegraph, he said: "You will see us switching our spending priorities to areas that make a difference - housing and energy are classic cases where people are feeling squeezed."In an interview with the Sunday Telegraph, he said: "You will see us switching our spending priorities to areas that make a difference - housing and energy are classic cases where people are feeling squeezed."
BBC political correspondent Norman Smith said there were suggestions that large scale building projects, such as schools, hospitals, housing projects would be brought forward to get boost jobs and try to avert a possible recession. Those costs of doing too little will be greater than if we take the action to maintain spending and investment in the real economy Peter Mandelson class="" href="/1/hi/uk_politics/7678406.stm">Tories urge small business help BBC political correspondent Norman Smith said there were suggestions that large-scale building projects, such as schools, hospitals and housing projects, would be brought forward to get boost jobs and try to avert a possible recession.
The chancellor also signalled that proposals for two new aircraft carriers and a replacement for the Trident nuclear weapons system would go ahead - while the £16bn Crossrail project and 2012 Olympic Games would help create jobs.The chancellor also signalled that proposals for two new aircraft carriers and a replacement for the Trident nuclear weapons system would go ahead - while the £16bn Crossrail project and 2012 Olympic Games would help create jobs.
"What I want to avoid is getting ourselves in a position government have done in the past where you face an immediate problem and cut back on the things the country will need in the future," he said."What I want to avoid is getting ourselves in a position government have done in the past where you face an immediate problem and cut back on the things the country will need in the future," he said.
The government says it can afford extra borrowing because it has reduced debt over the past ten years. The government says it can afford extra borrowing because it has reduced debt over the past 10 years.
Later Business Secretary Lord Mandelson said it was not a "spend, spend, spend" approach, saying Britain had paid back a lot of debt over the past 10 years and was in a better position to borrow than other European countries. Business Secretary Lord Mandelson said it was not a "spend, spend, spend" approach, saying Britain was in a better position to borrow than other European countries.
He told BBC One's Andrew Marr Show: "Those costs of doing too little will be greater than if we take the action to maintain spending and investment in the real economy - in public services and in infrastructure too."He told BBC One's Andrew Marr Show: "Those costs of doing too little will be greater than if we take the action to maintain spending and investment in the real economy - in public services and in infrastructure too."
Meanwhile the Conservatives have proposed allowing small businesses to defer paying VAT for up to six months to ease the tax burden. In an article in the Observer, Conservative leader David Cameron said his party's plans to help homeowners and entrepreneurs would be laid out in the coming months. Both the government and the Conservatives have been outlining their plans to help people through the credit crunch.
Poll lead 'narrows'
The Conservatives have proposed allowing small businesses to defer paying VAT for up to six months to ease the tax burden.
In an article in the Observer, party leader David Cameron said his party's plans to help homeowners and entrepreneurs would be laid out in the coming months.
An opinion poll in the Independent on Sunday suggests Gordon Brown's handling of the economic crisis has narrowed the Conservative lead.
The ComRes telephone survey of 1,007 adults puts the Conservatives nine points ahead of Labour - the party's narrowest lead since March.
And an ICM poll of 1,041 adults for the News of the World suggested 43% trusted Gordon Brown and Alistair Darling to handle the economy against 35% for David Cameron and George Osborne.
But asked whether the crisis had made them more or less likely to vote Labour, only 13% said more likely, while 22% said less likely and 59% said it would make no difference.
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