Are you a publisher? Try Daylife's Intelligent Content Services Platform
Britain's Chancellor Alistair Darling (R) holds a copy of his Pre-Budget Report during a meeting with Chief Secretary to the Treasury Yvette Cooper in his office at the Treasury in London, November 23, 2008. British Prime Minister Gordon Brown defended his plan on Sunday to inject billions of pounds of borrowed money into the economy to try to stave off a deep recession, saying failure to act could cause permanent damage.
Britain's Finance Minister Alistair Darling arrives at Downing Street on November 7, 2008. The Bank of England on Thursday November 6, 2008, slashed its key lending rate by a record 1.5 percentage points to 3.0 percent, the lowest level in more than half a century and a sign, according to analysts, of a deep recession ahead. The European Central Bank, the Swiss National Bank and the Danish central bank meanwhile each reduced their borrowing costs by half a percentage point in anticipation of a global recession and sharp falls to inflation as oil and food prices plummet.
Britain's Chancellor Alistair Darling (L) talks to Home Secretary Jacqui Smith as Prime Minister Gordon Brown (not pictured) chairs a Cabinet meeting at 10 Downing Street, in London, on October 14, 2008. The London stock market rallied 4.65 percent to 4,454.82 points in initial trading Tuesday as investors continued to cheer global government action aimed at rescuing banks crippled by the credit crunch.
IMF Managing Director Dominique Strauss-Kahn (2nd L) chats with French Finance Minister Christine Lagarde (R) and European Central Bank Finance Minister Jean-Claude Juncker (R rear) as British Chancellor of the Exchequer Alistair Darling (L) looks on before a statement by US President George W. Bush with G7 finance ministers and heads of international financial institutions October 11, 2008 in the Rose Garden of the White House in Washington, DC.
WASHINGTON - OCTOBER 11: U.S. President George W. Bush (C) makes a statement as (L-R) Japanese Finance Minister Shoichi Nakagawa, U.S. Secretary of State Condoleezza Rice, U.S. Secretary of the Treasury Henry Paulson, French Finance Minister Christine Lagarde, Canadian Finance Minister James Flaherty, and British Chancellor of the Exchequer Alistair Darling listen after meets with G7 Finance Ministers and Heads of International Finance Institutions in the Roosevelt Room of the White House October 11, 2008 in Washington, DC. The financial ministers and financial institution heads are in Washington for the IMF and World Bank annual meetings.
Britain's Prime Minister Gordon Brown, left, looks on during a news conference, with Chancellor of the Exchequer Alistair Darling, right, at 10 Downing Street in London, Wednesday Oct. 8, 2008. The British government announced, Wednesday, plans to partially nationalize major banks, with a 50 billion pounds (US$87.5 billion) extraordinary investment by the government, in a bid to restore stability into the financial markets.
British Finance Minister Alistair Darling (R) listens as Prime Minister Gordon Brown addresses a press conference at 10 Downing Street in London, on October 8, 2008. Britain's government Wednesday announced a part-nationalisation of the country's eight main banks with a bailout worth up to 50 billion pounds to prevent a collapse of the banking system.
Britain's Chancellor of the Exchequer Alistair Darling arrives for a television interview in London October 8, 2008. The government will inject up to 50 billion pounds of government money into the country's banks as part of a multibillion pound package to shore up the financial system. After frantic overnight talks that followed dramatic falls in the share prices of some of Britain's biggest banks, Chancellor Alistair Darling rushed out measures on Wednesday he said would help boost lending and restore confidence.
Britain's Chancellor of the Exchequer Alistair Darling arrives for a television interview in London October 8, 2008. The government will inject up to 50 billion pounds of government money into the country's banks as part of a multibillion pound package to shore up the financial system. After frantic overnight talks that followed dramatic falls in the share prices of some of Britain's biggest banks, Chancellor Alistair Darling rushed out measures on Wednesday he said would help boost lending and restore confidence.
British Finance Minister Alistair Darling (L) arrives at 10 Downing Street in London, on October 8, 2008. Britain's government Wednesday announced a part-nationalisation of the country's eight main banks with a bailout worth up to 50 billion pounds to prevent a collapse of the banking system. The government said it would use taxpayers' money to buy major stakes in the banks, which include Royal Bank of Scotland, HSBC and Barclays. The 50 billion pounds (64 billion euros, 87 billion dollars) will be used to prevent a collapse of the banking system after bank shares plunged in recent weeks.
British Finance Minister Alistair Darling arrives at 10 Downing Street in London, on October 8, 2008. Britain's government Wednesday announced a part-nationalisation of the country's eight main banks with a bailout worth up to 50 billion pounds to prevent a collapse of the banking system. The government said it would use taxpayers' money to buy major stakes in the banks, which include Royal Bank of Scotland, HSBC and Barclays. The 50 billion pounds (64 billion euros, 87 billion dollars) will be used to prevent a collapse of the banking system after bank shares plunged in recent weeks.