Govt 'is taking action' to help firms - commercial mortgages

19 June 2009

UK firms have been told that the government is taking action to ensure they stay in business.

New housing and planning minister John Healey addressed delegates at the Chartered Institute of Housing Conference and Exhibition this week and said that the current economic crisis is different to the recession in the early 1990s.

Action taken by the politicians could provide the difference between people with commercial mortgages staying in their premises and having to sell up like many did in the last decade, it would seem.

Mr Healey said: "[A] big difference from the 1990s recession is ... the government let the recession run its course. They left the upturn in recovery to the market and they allowed people to struggle through on their own."

Earlier this month, the National Institute of Economic and Social Research Estimates of Monthly GDP showed that output dropped by 0.9 per cent in the three months ending in May - this was less of a decline than in the previous three-month period.

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