Bank of England

Leader of the Conservative Party David Cameron says the FSA lacks expertise in key areas and should not be in charge of rescuing banks.

Mervyn King, governor of the Bank of England, has warned a committee of MPs the credit crunch is having a major effect on the UK economy.

Gross mortgage lending fell by 7% between January and February, indicating a further slowing of the market, according to the Council of Mortgage Lenders (CML).

Mervyn King is to meet with the bosses of major UK banks to discuss the liquidity problems affecting world credit markets.

House price growth remained stable in February after several months of successive falls, according to Assetz.

Several of the world's central banks, including the Bank of England, have today provided further funding to help boost the financial markets.

The Bank of England's Monetary Policy Committee (MPC) has announced it will keep interest rates at 5.25%.

One in two mortgage brokers believe the Bank of England will not make more than one interest rate cut this year, according to a survey by BM Solutions.

The FSA and the Bank of England should ensure their warnings about under-priced risk and potential liquidity problems are property acknowledged, says the Treasury Select Committee.

Northern Rock is to be nationalised after the House of Lords backed down on its demands for additional checks on the bank.