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Economy: Brown talks tough to banks
Economy: Brown talks tough to banks
Last Modified: 16 Apr 2008
By:
Faisal Islam
Brown meets Wall Street to discuss ways of dealing with the credit crunch and press banks to declare bad debts faster and more openly.
Just yesterday the prime minister met leading bankers in London to persuade them to pass on interest rate cuts to their customers and he was also reportedly warned of a potentially dramatic cut in mortgage lending.
However, building societies insist they are still able to lend money and don't need any handouts from the state.
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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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