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The UK government is poised to announce details of a £50bn rescue package for the banking system, the BBC's business editor has learned.
It will include a proposal to use taxpayers' money to invest in banks - in effect part nationalising them.
Originally posted by Karlhungis
$50 billion?
Originally posted by bismarcksea
There won't be a bread line either. Reports are starting to filter in about grain shipments sitting on the docks because no one can get a letter of credit to purchase them.
This is GOING to be VERY serious folks!
Originally posted by Karlhungis
So, come on guys..... pick up the pace a little.
Originally posted by selfisolated
$3,600 is approximately equivalent to £1,900 I believe.
The Prime Minister hailed the package, which will see the taxpayer take large stakes in major banks in return for an injection of billions of pounds to prop up their shattered balance sheets, as a comprehensive, ground-breaking solution to the economic crisis.
"This is not a time for conventional thinking or outdated dogma but for the fresh and innovative intervention that gets to the heart of the problem," he said at a Downing Street news conference.
The package includes:
* £50bn to recapitalise banks
* £250bn to underwrite debt
* £200bn injection into the money markets
Admitting that Government borrowing will have to be drastically increased to fund the package, Mr Brown insisted that "for every family in the country, the stability of the banking system matters."
Originally posted by Rapacity
Just for those of you in the US who are being cocky about this, the actual British bailout is GBP 500 Billion. How much is that in dollars? How much is that per Brit?
Gordon Brown hails £500 billion bank rescue plan
The Prime Minister hailed the package, which will see the taxpayer take large stakes in major banks in return for an injection of billions of pounds to prop up their shattered balance sheets, as a comprehensive, ground-breaking solution to the economic crisis.
"This is not a time for conventional thinking or outdated dogma but for the fresh and innovative intervention that gets to the heart of the problem," he said at a Downing Street news conference.
The package includes:
* £50bn to recapitalise banks
* £250bn to underwrite debt
* £200bn injection into the money markets
Admitting that Government borrowing will have to be drastically increased to fund the package, Mr Brown insisted that "for every family in the country, the stability of the banking system matters."
I could have started a whole different thread on this but I preferred to "rub it in" a little here.
My apologies to my more realistic American counterparts (the greater American population) of which some posters here are definitely not.
Nevertheless, we're all still being shafted. Many people still stand to lose their jobs, homes and savings. Who do you really think this is really going to benefit?
I let you decide for yourself because if you're too ignorant to work it out then you're too ignorant to have it spelled out.
[edit on 8/10/08 by Rapacity]
[edit on 8/10/08 by Rapacity]
Originally posted by Karlhungis
We will not be out swindled by the British!
Originally posted by theblunttruth
Although a burden on the tax payer, i think its important to stress that this is a positive measure and for once does show the government to be taking action on current economic climate. I just can't see an end to the media negativity which is surely denting consumer confidence and becoming a rather massive thorn in our economies.