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Brown: We'll protect bank savings
Gordon Brown says he will do "whatever it takes" to protect people's savings in banks and building societies.
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Brown raises bank savings guarantee to £50,000 after another day of turmoil on the ma
Gordon Brown has confirmed that the government plans to raise the guarantee for bank savings to £50,000 from £35,000 in a new banking law. Speaking to reporters he said: 'We're raising it to £50,000.'
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Government moves to calm consumers by protecting savings up to £50,000
Gordon Brown agrees to raise bar for investors while Irish government guarantees all deposits at six major banks
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Government moves to calm consumers by protecting savings up to £50,000
Gordon Brown agrees to raise bar for investors while Irish government guarantees all deposits at six major banks
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British savers shift their money to banks in Ireland after Irish government's cash gu
British savers are looking to shift their money into Irish banks after the government there gave a 100 per cent guarantee to back all savings in the country's six banks.
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We are in difficult times - but we WILL beat the bank crisis, insists upbeat David Ca
David Cameron today set out to turn the economic crisis to his advantage by promising 'better times' for Britons.
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EU talking over Ireland bank move
Europe's Competition Commissioner, Neelie Kroes, is speaking to the Irish government over Dublin's move to guarantee all bank deposits.
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Panicking British savers shift their money to banks in Ireland after Irish government
British savers are looking to shift their money into Irish banks after the government there gave a 100 per cent guarantee to back all savings in the country's six banks.
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Irish bank plan 'should include cap on executive pay'
Labour leader Eamon Gilmore says his party cannot support the €400bn package otherwise
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Brown under pressure to reveal details of his £1.9trillion bank bail-out gamble
Pressure was today mounting on Gordon Brown to clarify his drastic £1.9trillion bank bail-out designed to restore confidence in the City.
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Re: Brown under pressure to reveal details of his £1.9trillion bank bail-out gamble
Brown under pressure to reveal details of his £1.9trillion bank bail-out gamble
By Benedict Brogan and Liz Hazelton
Last updated at 2:24 PM on 01st October 2008
Pressure was today mounting on Gordon Brown to clarify his drastic £1.9trillion bank bail-out designed to restore confidence in the City.
Industry leaders have already demanded a clearer outline of a sketchy plan unveiled last night which involves raising the personal savings guarantee to £50,000.
However, the move will not come in immediately which has led to calls for more concrete detail.
Canary Wharf: The financial centres of the world are trying to settle following the blows of the last few days
Angela Knight, Chief Executive of the British Bankers' Association told Radio 4's Today programme: 'I think we need some clarity.
'If the Government is going to make that shift, then let's shift.
'We're in a particular situation which is called extremely difficult.'
The current savings guarantee is set at £35,000, which covers 96% of people in the U.K.
No Flowers Please EXC
Angela Knight: The Chief Executive of the British Bankers' Association said there needed to be more clarity on the banking bail-out
Raising the benchmark to £50,000 would provide insurance for an extra two per cent.
It emerged last night that the Prime Minister has taken the unusual step of hiring bankers UBS and N M Rothschilds to advise him on a possible bail-out deal, independent of Chancellor Alistair Darling.
Whitehall sources confirmed that the Government is considering a scheme that would match a guarantee announced yesterday by the Irish government to protect all bank bonds, debts and deposits.
This would go much further than measures announced officially by Mr Brown yesterday.
He said a Banking Bill due to be introduced in weeks would raise the deposit protection level for savers from the current £35,000 to £50,000.
In fact, the Treasury is working on a proposal that could insure a staggering total of £1.9trillion in deposits in UK banks and building societies, said officials.
'We are not going to rule anything out. We stand ready to do anything that is necessary,' said one.
Any attempt to launch such a massive rescue plan would carry significant political and economic risks for Mr Brown.
There are fears it would shake confidence in sterling and saddle the public purse with huge debts for decades to come.
Sources said the scale of the crisis unfolding in Washington has strengthened the Premier's hand by increasing pressure for a large-scale intervention, but cautioned that he could yet pull back if the situation in London stabilises.
Mr Brown, who summoned Bank of England Governor Mervyn King and Mr Darling to an early morning meeting, was buoyed by an offer of cross-party support from David Cameron, who said it was time to suspend party politics in the national interest.Last edited by Tools; 3rd October 2008, 01:41:AM.Any opinions I give are my own. Any advice I give is without liability. If you are unsure, please seek qualified legal advice.
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