Alistair Darling highlighted a potential £100bn ($153bn) guarantee package for UK mortgage bonds in his pre-Budget report on Monday. But the UK finance minister has already made one call that many believe has in effect killed off hopes of a revival in that market.

Last week’s decision to cut off Northern Rock’s securitisation platform has brought a sharp jump in risk premiums across UK mortgage bonds. It means Northern Rock will no longer supply the platform with new mortgages and bondholders will be repaid as old mortgages expire.