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Loan claim: FLS to be extended

The Funding for Lending Scheme (FLS) will be extended, chancellor George Osborne has decided.

It was originally due to expire in January 2014 but will now run for a year longer.

The chancellor had said in the Budget that he would extend FLS if he thought it could benefit the economy, which was echoed by the Bank of England (BoE) in its most recent Financial Policy Meeting.

He made the decision to extend FLS after the International Monetary Fund put pressure on him to reduce austerity measures in the UK.

This scheme was put in place to help increase lending to people looking to buy houses and to businesses.

The BoE set this up by investing around £80 billion in major banks on the condition that this money would be given back to customers as cheaper mortgages and business investment.

So far, it has failed to provide credit to businesses but had aided in reducing the cost of mortgages.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801575073-ADNFCR



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