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Downing Street calls on banks to help solve cladding crisis

The UK government has reportedly asked some of the biggest UK lenders to help solve the cladding crisis which is freezing large parts of the property market.

According to the Financial Times, who first reported the news, the meeting included leaders of the UK’s biggest mortgage lenders. Among the attendees was HSBC chief executive Noel Quinn, NatWest boss Alison Rose, Barclays’ finance director, Tushar Morzaria, Joe Garner of Nationwide and incoming Lloyds chief Charlie Nunn, the FT reported.

 

The news outlet said the meeting happened on Tuesday and, according to “several people with knowledge of the meeting”, Prime Minister Boris Johnson joined the meeting halfway through.

 

It was reported that one of the proposals discussed was for the government to provide a guarantee on mortgages made on flats that could be identified as dangerous.

 

The meeting came the day after the government published its Building Safety bill, which will tighten the rules governing construction, but does not protect leaseholders from paying for cladding-related work.

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