Monday, February 23, 2009
Pointless? Futile? Wealth Extraction!
LONDON, Feb 22 (Reuters) - Britain's state-owned Northern Rock bank plans to increase its mortgage lending by up to 14 billion pounds over the next two years, a Treasury official said on Sunday. The plan to get Northern Rock lending again is part of a series of initiatives expected this week designed to get credit in Britain flowing again after the economy shrank by 1.5 percent in the last three months of 2008. "The government is implementing a new business strategy for Northern Rock that will see it make a significant return to the mortgage market," the official said.