Chancellor supports banks to help FTBs

07-Oct-2008

Alistair Darling has vowed to support UK banks, in a move which could help first-time buyers (FTBs) looking to get on to the property ladder.

The chancellor of the exchequer told parliament yesterday that the government will do "whatever is necessary" to ensure stability.

He said he has a responsibility to "support a stable and well-functioning banking system".

"Financial transactions are at the heart of everything we do," Mr Darling added.

"They allow people to buy goods, pay for services, buy homes, save for pensions and invest."

Both general support and individual intervention are necessary and further resources will be made available to give the financial system sufficient liquidity, he stated.

Yesterday Margaret Beckett, in her new role as minister of state for housing, also pledged to help FTBs.

As part of the new Communities and Local Government department she said her priority will be to help overcome housing market challenges, caused by what she terms global turbulence.

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