Friday, January 16, 2009
Can you store this toxic waste for me please?
Gordon Brown is preparing a new multi-billion pound rescue package for the banks which is expected to be announced next week. In his strongest hint yet that a "bad bank" is a serious option, the Prime Minister said that "action" on toxic debts, which are blamed for the failure of high-street banks to resume normal lending, is now essential. Ministers will spend this weekend locked in talks with senior bank executives, who are thought to be resistant to the "bad bank" proposal. However, Mr Brown has been warned by City experts that the scheme may have to be quickly introduced to prevent the economic and financial crisis worsening. [so don't ask too many questions]