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Article: British government steps in to help banks
- Article from:
- AP Online
- Article date:
- October 8, 2008
- Author:
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The British government announced a 50 billion pounds ($87.5 billion) plan on Wednesday to partly nationalize major banks, with taxpayers taking stakes in a bid to shore up a financial sector hard hit by the world financial crisis.
Prime Minister Gordon Brown billed it as a "radical" plan to stabilize banks so that they could resume normal lending and other operations, rather than trying to buy up bad assets as the United States is doing. The government also offered up to 200 billion pounds ($350 billion) in short-term lending support.
"All these are investments being made by the government which will earn a proper return for the taxpayer," he told a ...