BoE to inject extra £15bn into market

In a 90-minute meeting with bosses at Lloyds, Barclays, HSBC and the Royal Bank of Scotland, Gordon Brown is said to have discussed a range of measures to manage the crisis in the mortgage market. Part of the discussions are thought to include measures to ensure banks pass on interest rate cuts to borrowers. It was also revealed the Bank of England will raise its total lending to the markets to £50bn, a rise of £15bn. However, New Star's chief economist, Simon Ward, thinks £40bn is the sum needed to help plug the current funding gap in the mortgage market. The Chancellor, Alistair Darli...