Darling speeds up recapitalisation plans

Faceless Bureaucrat

Full steam ahead to the scrapping of the Pound and full adoption of the Euro - what are the odds, I wonder?...

andyp

The rumour doing the rounds is that OSBORNE has used a confidental BOE briefing to make the government plan pubilc (as his own idea) and that this is causing merry hell in the markets and great consternation in government.

BOE are said to be fuming and putting some of today's major losses down to Osborne himself.

Sounds like this could rebound on the tories

SimonDC

I am hearing the tories are about to get hammered for briefing the recapitalisation plan before the BOE was ready.

C Powell

Days? This needs to be done within HOURS!! The Government is already on the hook (via the FSCS) for ICESAVE's customers. It needs to state clearly and unambiguously that no UK depositor will lose money. If not, what are the odds on a run on UK banks? And how can we be sure that money with National Savings are secure?

PayDirt

If this were simply a market correction then the Govt involvement should be minimal. If this is collapse of the global economy, then perhaps you should not worry too much about cost to the taxpayer. The questions revolve round who pays for the clean-up. If a national Govt, then they are in danger of bailing other people out. A global solution is desperately required, isn’t there a World Bank out there somewhere? It seems not, therefore the world is set to rot for a while. Unless anyone wants to be the knight in shining armour.

luke

You cant claim any delay to consider the issues is dithering and then go on to ask open-ended questions about whether this is the right scheme and claim, almost mulling the issues that you "have your doubts".

If you are going to put store in very very rapid action, you have to know what rapid action you think the CHX should take.

JONNY

Isn't it a Luvly Day. And look
Gordon's smiling again.
The Serious Man for serious Times, who doubles up as Father of the Nation.
And the Labour MP's - just look at them. They're positively ecstatic -chortling away like pigs in clover, who've just dodged the abattoir.
Some are even lifting up their eyes to the hills. Talking of the next Labour landslide due now in 2010.
Oh oh oh what a smashing melt-down.

Peter Hagerty

The fact of the matter is that Peston's reporting is irresponsible (largest bank stock crash in UK history in an hour while Euro banks gain ground). Peston's sources are well known by many in the city and government.

If a hedge fund manager issued this kind of report in any form he would be investigated for abuse.

The RNS mechanism exists precisely to prevent the kind of movements we have seen this morning - a morning on which Alistair Darling and his BBC cronies achieved a greater crash in bank shares than any hedge fund could ever have managed.

colin taylor

It is time for the Conservatives openly (as has the LibDems)to push dithering Brown & Darling to show some leadership!

ken from glos

andyp and simon dc. Labour out today again i see.Unit working well is it.Never see you chaps in the evening and weekends i wonder why.

Ken

Exactly so Peter H: Ditherer Brown and his poodle are mightily exacerbating matters (perhaps that's the plan, wasn't CHX Darling once a nutter Trot) Teles has this report:

Howard Wheeldon of BGC Partners, a City firm, said: "Gordon Brown and Alistair Darling clearly have no understanding whatsoever of how to achieve an orderly market. Leaks, leaks and more leaks from who knows where have led markets to understandably conclude this morning that HM Government is testing the water about investing £45 billion into the major clearing banks."

"Our Government is making a bad situation worse and it is all so unnecessary."

Hysteria

desperate times call for deperate measures. At least part of this whole mess can be attributed to the "benefits" of the internet - experts blogging, rapid transmission of (partial) "facts" and the like.

Certainly the editorial and business jouranlists shoudl not be publishing minutes of meetings etc. in real time.

IMHO

Hereford

Peston is high on the buzz of being scoop boy. He shot to prominence because he scooped Northern Rock and is desperate to maintain his place as scoop boy. Thus he doesn't care what the impact of his pontification is on the British public.

The man is a twonk!