The British government Wednesday announced a major rescue package for leading banks of 50 billion pounds (87 billion dollars) to stabilize the banking system, according to a statement to the London Stock Exchange, reported dpa.
Chancellor of the Exchequer Alistair Darling, detailing the plan in a written statement to the London stock market Wednesday, has said it was aimed at placing the banking industry on a long term "sound footing."
It is hoped that the scheme, using taxpayers' money in what amounts to the part-nationalization of leading banks, will restore confidence, revive lending and stimulate the flagging economy.