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08 Feb, 2008

Jasper Wenban-Smith
Date: 08-Feb-2008

Vince Cable has warned that figres showing a rise in repossessions suggest we could be on the 'brink of another crash'.
The Liberal Democrat shadow chancellor says the figures released by the CML today, which show 27,000 repossessions in 2007, represent a 20% rise on the previous year. He proposes closer cooperation between the government and banks to prevent large scale reposessions.

Cable says: "Last year saw the highest number of home repossessions this century, but of particular concern is the rise in the number of repossession orders, which indicates we could now be at the brink of another crash in the housing market.

"It is critical that the government works with the banks to prevent large scale repossessions, not only for the benefit of the banks and borrowers concerned, but also to help keep the wider economy stable."

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