Rescue package planned to help indebted housebuilders

The Daily Telegraph reports on plans by investment bank UBS to launch a rescue package for indebted housebuilders.

The newspaper reports that the plans would see major institutions injecting fresh capital into struggling housing firms instead of relying on a rights issue.

The package would be timely, added the paper, after today’s report by the Construction Products Association shows that UK housing starts are at their lowest since 1945.