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£50billion rescue plan for british banks
08 October 2008
A rescue plan for British banks will be unveiled today which could result in the government buying shares as it invests up to £50billion in the banks to keep them from going under. The rescue plan comes after more than £17billion was wiped off their values yesterday.
Alistair Darling said yesterday 'I intend to make a statement before the markets open tomorrow morning and I will be making a further statement to the House of Commons later in the day'.
The plan will see each tax payer paying £2000 each.
The Royal Bank of Scotland lost £10billion after its share value dropped by 39% to a 15 year low. HBOS fell 41%, losing more than £5billion in value.
