Belfast Telegraph

Saturday 25 October 2014

Gordon Brown hails 'bold' £50bn rescue plan for UK banks

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

Gordon Brown hailed the Government's £50 billion emergency rescue plan to part-nationalise stricken banks today, saying it should restore "confidence and trust" to the financial system.

The Prime Minister told a Downing Street news conference: "Extraordinary times call for the bold and far-reaching solutions that the Treasury has announced today.

"Our stability and restructuring programme is comprehensive, it is specific and it breaks new ground.

"This is not a time for conventional thinking or outdated dogma but for the fresh and innovative intervention that gets to the heart of the problem."

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