'We will be a rock of stability,' vows Gordon Brown after £37billion bank bail out
Published Date:
13 October 2008
Gordon Brown has vowed to be a "rock of stability" in the global financial chaos.
He made the comments at a Downing Street conference this morning, after the Govenment's £37bn bail out of three high street banks.
The Prime Minister said the action ministers were taking was "unprecedented but essential".
"In extraordinary times, with financial markets ceasing to work, the Government cannot just leave people on their own to be buffeted about," he said.
"For savers, for small businesses, and for homeowners, we must in an uncertain and unstable world be the rock of stability on which the British people can depend."
The Government is taking a £20bn stake in Royal Bank of Scotland with a further £17bn for Lloyds TSB once it is merged with HBOS.
But Mr Brown said it would not be "permanent investor".
The full article contains 153 words and appears in n/a newspaper.
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Last Updated:
13 October 2008 10:55
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Source:
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Location:
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