08 Feb, 2008
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
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