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FTSE plunges despite Darling’s desperate £500bn semi-nationalisation of Britain’s banks

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Nicola Boden
UK Daily Mail
Wednesday, Oct 8, 2008

Shares plunged today after the Government gambled £500billion of taxpayers’ money on a bail-out of Britain’s High Street banks.

Alistair Darling signed off the biggest nationalisation of modern times, which could cost each taxpayer £16,000, at 5am after crisis talks in Downing Street overnight.

He revealed this morning £50billion will be used to recapitalise banks, £200billion to improve liquidity and another £250billion to underwrite inter-bank lending.

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But the rescue plan did little to ease turmoil on the markets, with the FTSE tumbling more than 300 points or seven per cent in early trading before rallying back slightly.

As the Chancellor unveiled the package shortly before the markets opened, even he admitted it might not be enough to stop the financial bloodbath worsening.

  • A d v e r t i s e m e n t

Asked what would happen if the plan did not work, he said: ‘I believe that it will go a long way. As I have said on many, many occasions, I’m not ruling anything out.’

Bank shares soon descended into total chaos. Halifax Bank of Scotland shares soared by 36 per cent on the back of confidence in its takeover by Lloyds TSB after plunging by a massive 42 per cent at one stage yesterday.

Royal Bank of Scotland suffered vicious swings between positive and negative territory, plunging 14 per cent before clawing back up to be 13 per cent in the black.

Lloyds TSB also fell 11 per cent and Barclays 15 per cent before rising again.

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This article was posted: Wednesday, October 8, 2008 at 4:07 am

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