Lamport Bassitt Solicitors - Legal News - FSA chairman calls for commercial property lending crackdown


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS FSA chairman calls for commercial property lending crackdown The chairman of the Financial Services Authority (FSA) has said there should be a crackdown on commercial property lending. Lord Adair Turner suggested that policymakers need to consider ways in which loan rates can be increased or borrowing terms tightened. He claimed that 80 per cent of UK credit was related to either residential or commercial property. The peer remarked: "A quite startling percentage of UK credit extension to the non-financial corporate sector in the last 20 years has been to commercial real estate." He was making his comments in front of the House of Commons Treasury Committee, which exists to examine the expenditure, administration and policy of the government department, as well as HM Revenue & Customs and associated public bodies. Lord Turner went on to state that, while new urban and office development is part of the "value-creative process of society", tougher rules must be in place in the UK. Related Articles: 17/8/2009 - 'Double-check HIP' before buying property 24/8/2009 - Business owners 'increasingly interested in purchasing commercial property' 27/8/2009 - "No reason" to expect number of distressed commercial properties to fall 26/8/2009 - Two-tier commercial property market 'may emerge after recession' 15/9/2009 - Commercial property owners 'must ensure their incomes are protected' More Property Law News