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Mortgage approvals at 15 year low as Brown considers rescue plan

Updated on 01 September 2008

By Faisal Islam

The government is considering a massive investment to help revive the mortgage market but will it upset the Bank of England?

Confirmation today for the government of just how weak the housing market is as the number of mortgages approved for house buying have dropped to the lowest level in 15 years. That number has now fallen for 12 months in a row.

A dramatic multi-billion pound intervention in the mortgage market is being considered by the prime minister, but that is stoking tensions with Number 11 Downing Street and the Bank of England.

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