A crucial report that could kick-start Britain’s moribund mortgage market has been delayed by a fortnight so it can be updated to take September’s market turbulence into account.

The report by a committee led by Sir James Crosby, the former chief executive of HBOS and commissioned by Alistair Darling, is likely to address whether the Government should renew or extend the Bank of England's Special Liquidity Scheme past January 2009 or guarantee high-quality mortgage-backed securities.

The Government has so far resisted intervention on the scale of the US government’s $700bn (£380 bn) rescue package, although the Chancellor has said that the bailout will help the UK’s economy.

The Crosby report was due to arrive on Mr Darling’s desk on Tuesday but the deadline has been extended until the week beginning October 13th, according to Treasury sources.

The Times