Mirror: What the bail-out means to consumers

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Mirror: What the bail-out means to consumers

Tue 14th Oct 2008

The Mirror newspaper has answered questions about the impact of the £37 billion Treasury bail-out for banks will have on consumers.
According to the paper's John Husband, it is "very good news" for customers of part-nationalised banks, as such institutions now need to act carefully and in consumers' interests.
They will also have "much more secure" savings.
He added that not much difference will be made to the ease of securing a loan or mortgage, as the rescue is intended to help banks lend normally.
But Mr Husband noted that 100 per cent mortgages are gone for good.
Readers were also warned that if they have savings of over £50,000, they should spread it over different institutions as the government guarantee is per person with each provider.
Gordon Brown expects other countries to follow the example of the British bailout.
In a press conference with the Chancellor of the Exchequer, Mr Brown said: "I think you will find that in the rest of Europe over the next few days exactly the same thing is going to happen."

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