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Billions to ease credit crunch
Billions to ease credit crunch
Last Modified: 11 Mar 2008
By:
Katie Razzall
Central banks are to pump billions of pounds into money markets to tackle the credit crunch, as Katie Razzall reports.
The emergency cash, including $100bn from the US Federal Reserve and £10bn from the Bank of England, is aimed at cutting the cost of lending between banks.
The banks have been reluctant to loan money to each other, which has caused the rate to creep up.
That has affected consumer spending, investment - and the housing market.
So have the banks done enough to help?
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After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
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