The £50 billion bailout: Brown’s statement

You 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.