The £50 billion bailout: Brown's statement
Peter Hoskin 10:31amYou can watch Brown's statement on the bailout here. It's full of the usual reminders about "global problems" which "started in America", and platitudes about "fresh and innovative intervention" and "long-term challenges". But, to be honest, this is an arena in which Brown thrives. His dour bank manager shtick lends itself to talk about liquidity, assets and guarantees. The question now is whether voters and companies are convinced by it.
MARKET UPDATE: The FTSE is down 4.51 percent at 10:35.
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Dirty Euro
October 8th, 2008 10:49am Report this commentWe need He man.
He man and the masters of the ....
www.youtube.com/watch?v=7yeA7a0uS3A
Dirty Euro
October 8th, 2008 10:58am Report this comment10 downing street spin
The PM = He Man
Darling = Battlecat
Tory Part Spin
The PM = Skeletor,
Darling = Cringer
Chris Clark
October 8th, 2008 11:15am Report this commentgreat market update. very newsnight-esque.
you may want to check it.
clue: 4414 currently
Marcus Cotswell
October 8th, 2008 11:18am Report this commentI've said it on another thread too but what is this £50bn figure? I make it £375bn, not including he £100bn that HMG has already made available in loans.
David
October 8th, 2008 11:24am Report this comment1035?!
oldtimer
October 8th, 2008 11:26am Report this commentI watched the statement and the Q and A afterwards live on Sky.
It was striking that both Brown and Darling dodged the several very good questions posed by the journalists there. They merely repeated their initial statement. Thus questions about Plan B (obviously there is none), toxic debt (clearly it is still there poisoning the system), cost to the the taxpayer (God alone knows), effect on borrowing and the fiscal rules (don`t ask me guv), should you not resign like the RBS chiefs (this crisis was nothing to do with us) were carefully ignored.
The failures to answer gave an impression of of two politicians, thumbs up their backsides, hoping to avoid a brown trouser Tuesday.
Mike, Brighton
October 8th, 2008 11:35am Report this commentI think we have to be patient and wait until the dust settles. I think the long term sell of our economic problems having nothing to do with Brown...."Everything was just fine and dandy until one morning I can into work and found we were in a recession caused by those nasty Americans. It was nothing to do with me".
...is going to be a pretty tricky sell!
Pete Hoskin
October 8th, 2008 11:35am Report this commentChris Clark and David: erm, 1035 is meant as a time not a market value - i.e. 10:35. I tend to write times in the military (no colon) manner. Have added a colon in the post above to avoid further confusion.
Damien Vaugh
October 8th, 2008 12:47pm Report this commentMarcus Cotswell
Your figures are correct but look at the skill with which this has been delivered. By doing so incrementally the PM has avoided the unseemly wrangle that the US went through.
Also contrast that the political benefit of the US package is nil because of the short time until the US election. The UK general election is some 18 months away and so the £375 billion will have made its way into the wider economy. As the government are now to be bank shareholders they will have consuderable influence how this money is spent. I would expect that further investment in public infastructure, and public spending generally will now proceed. The public will attribute any economic recovery to the incumbent government.
I think its unfair for anyone to charactorise this as a £375 billion re-election campaign.
I am listening to Digby Jones who is saying (already) that this is not enough and more money is required so that figure may be revised (incrementally note) upwards.
www.gmva.net
Daniel
October 8th, 2008 1:35pm Report this commentPete must be a fortune teller, he can post what the market will be four minutes later. LOL
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