Curious, George

25 July 2013 By Neil Unmack Follow @unmack1

The government’s plan to subsidise high-risk mortgages is bad economics and foolish policy. A nascent economic recovery makes it look redundant. The reasonably strong GDP number provides an opportunity for an almost dignified retreat.

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UK GDP increased 0.6 percent in the second quarter, double the pace of growth in the first three months of the year, according to data published on July 25 by the Office for National Statistics.
The UK Treasury met with banks on July 23 to discuss terms for the government’s Help to Buy guarantee scheme, which was announced in March’s budget. The scheme envisages the UK government guaranteeing up to 15 percent of loans covering up to 95 percent of the value of a property. The loans can be provided for properties worth up to 600,000 pounds.

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