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Alistair Darling today defended Government plans to pump another £30 billion of public money into banks - insisting the taxpayer was getting a “better deal”. Full Article at Birmingham Post
Related Articles
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THE BRITISH government will invest a further £30 billion into the UK’s two biggest troubled banks, which will both have to sell off significant parts of their operations to meet European Commission concerns. Full Article at Irish Times
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As a result, RBS will sell RBS-branded branches in England and Wales, its NatWest branches in Scotland, the Churchill and Direct Line insurance arm and parts of its investment banking business as the price of state support. Full Article at Daily Express
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Royal Bank of Scotland and Lloyds Banking Group will have to shed more than 900 branches to ease European competition concerns over the vast state support given to them in the past year. Full Article at The Scotsman
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British Chancellor Alistair Darling is proving to be a master in spin. Full Article at Business Week
Related Quotes
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I believe that what we have got here is better structured ... It is a better deal for the taxpayer.
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We need a safer, more competitive banking system
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There is still no guarantee that today's plan will get credit flowing in the economy.
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Let's not miss the elephant in the room. The Government is having to put another £39.2bn of taxpayers' money into the banks – a bigger bailout than the original bailout last autumn.
