Housing market crisis in the United Kingdom
British Housing Stabilizing, Slowly and Surely HW+Aug 06, 2009
The British housing market is showing signs of stabilization, though monetary policy and master trust performances remain key areas of caution. The Bank of England’s Monetary Policy Committee voted to keep the official bank interest rate at 0.5%. While very low, the committee could have reduced it even further to promote lending but deemed it unnecessary. The committee also voted to increase its commitment to the asset purchasing program with the financing of an additional £50bn (US$83.8bn) in central bank reserves, bringing the new total investment to £175bn.