Government Failing To Prevent Rising Repossessions - Cable

2.52.25pm GMT Thu 31st Jan 2008

Ahead of the release of government statistics on repossessions tomorrow, the Liberal Democrats have highlighted figures showing the recent big rise in repossessions.

Commenting, Liberal Democrat Shadow Chancellor, Vincent Cable said:

"Even before the credit crunch hit, 2007 was already on course to see more repossession orders than at any time since the early 1990s.

"With higher borrowing costs and huge levels of personal debt taking their toll, the new statistics are likely to show even worse repossession figures.

"For too long this Government has had a complacent attitude towards the housing market. Ministers have failed to put in place any preventative actions to stop a crash.

"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."