sign uplog in
Want to go ad-free? Find out how, here.

Britain to spend 50 bln quid bailing out its banks

Britain to spend 50 bln quid bailing out its banks
Shares in Britain's largest domestic bank Royal Bank of Scotland fell (RBS) 39% and shares in takeover target HBOS fell 42% overnight on expectations the British Government will announce a 50 billion pound bailout package that could wipe out shareholders. British leaders and its banks are reported to be in crisis talks about an industry wide bailout. The BBC reported overnight that RBS and Barclays approached the Chancellor of the Exchequer Alistair Darling to ask for a bailout. Barclays denied the report, but RBS did not. British newspapers are reporting the government will announce a 50 billion pound bailout within the next 18 hours. "Britain's taxpayers will tomorrow be committed to spending more than £50 billion to bail out the high-street banks in a bid to avert a cataclysmic failure of confidence," The Times reported. "Alistair Darling will tell the City in an early morning announcement that the sum is available for "investment" in leading banks that have demanded help from the Government," it reported.  

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.