McLean’s Financial Services

Help for struggling homeowners
Under new rules brought in by the government on 22 October aimed at reducing repossessions, mortgage lenders will have to prove they have tried to help struggling homeowners avoid losing their property.
As the credit crisis spreads from the financial sector into the rest of the economy, Britain is expected to enter its [...]

Ten tips to survive the credit squeeze
News of the three-part package to bail out the banks in an attempt by the government to restore confidence in the financial markets and encourage them to lend to each other again will come as welcome news to many business owners. But until the credit lines start flowing again, [...]

Government measures intended to lessen the effects
The government is attempting to limit the effects of the credit crisis on the British economy through the part-privatisation of some of the UK’s ailing banks. It hopes that by guaranteeing loans and securing the future of UK banks, it can stem the flow of cash out of the [...]

£500bn underwritten and guaranteed by the Treasury
The Prime Minister, Gordon Brown, announced on 8 October 2008 that he would make available hundreds of billions of pounds to underwrite banking debts that would be underwritten and guaranteed by the Treasury.
This unprecedented action was taken in an attempt to underpin the financial markets, prevent a complete collapse [...]

A knock-on effect for credit markets and the wider world economy
As financial institutions globally announce varying degrees of difficulties and losses caused by toxic assets and bad debts held on their balance sheets and with the share prices of some of the UK’s largest banks falling to unprecedented levels, the word ‘subprime’ has become synonymous [...]

Reducing the effects of the credit crisis on the UK economy
By taking the action of bailing out the banks, the government is attempting to reduce the effects of the credit crisis on the UK economy. The government also wants to stop cash flowing out of the UK to other countries, many which have guaranteed the [...]