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Asked what involvement the Prime Minister had had in the Northern Rock decision, the Prime Minister's Spokesman told the assembled press that the Prime Minister had been kept up to date with what had been happening by the Chancellor of the Exchequer. Asked if the Prime Minister agreed with the Chancellor that part of the blame for the situation lay with the United States, the PMS replied that the Prime Minister had no difficulty with what theChancellor had said, but he did not think the Chancellor was attributing blame. The Chancellor was simply saying that there was uncertainty in financial markets, which originated in the United States. The PMS added that it was an uncontroversial statement of fact. Asked if the Chancellor's words reflected the Prime Minister's view, the PMS said they did indeed reflect the view of the Prime Minister.
LONDON (Reuters) - The British government tried to stem the tide of cash pouring out of Northern Rock (NRK.L: Quote, Profile , Research) on Monday, promising depositors they wouldn't lose a penny as the bank's share price plunged further and thousands queued to withdraw their savings.
But fears that Northern Rock is not alone in needing funding saw shares in fellow UK bank Alliance & Leicester (AL.L: Quote, Profile , Research) tumble more than 30 percent in frenetic trading, forcing it to deny it has also asked the central bank for help and continued to fund itself.
UK finance minister Alistair Darling said if necessary the government and Bank of England would guarantee all existing Northern Rock deposits during the current instability.
Originally posted by djohnsto77
Looks like the British government is seeking to quiet things down by promising a bailout over the usual UK deposit insurance program:
From The Times
September 18, 2007
For how dare the stuffed suits, financial and political (and indeed journalistic), use expressions like “Don’t panic” and “Keep calm”.... I lose count of the anodyne fibs that savers were told in the early stages....
By their presence on the streets, most of it not at all panicky in demeanour, the queuers utter a resounding raspberry to the financial industry and its political masters. It is time someone did. Link
Originally posted by OBE1
Libby Purves has spoken my mind on more than one occassion. If she were single...I'd probably be living in Suffolk County courting her
Originally posted by DeepCoverUK
Haha! Firstly, why is somebody in New Mexico reading Libby Purves? and even knows who she is for that matter, must be an expat?
As a side issue, does anyone know if it is unusual for the US mint to have silver bullion dollars on back order? I just got a bunch today and have to wait
The symbolism in the animated graphic couldn't be anymore ironic.
Originally posted by iskander
I saw a “survival food kit” being sold in Costco.
It’s a 23lb white plastic bucket with 275 servings of dry meals, costing a total of $99.
Originally posted by OBE1
If anyone is in the market for an unsecured loan, be sure to visit Northern Rock's homepage. The symbolism in the animated graphic couldn't be anymore ironic.