Government plans interest holiday for homeowners

In a House of Commons debate following the Queen's Speech, Gordon Brown says eight major lenders have signed up to the initiative, as the Government strives to limit repossessions. The move has won early favour from the Council of Mortgage Lenders (CML). However, Michael Coogan, the trade body's director general, warns the plan is not a charter for borrowers to avoid their responsibilities, but welcomes the reassurance it provides. He says: "The Government's recognition that it needs to offer increased support to help keep more people in their homes is welcome, and we will work with Mi...