£50bn rescue package for banks
Updated on 21 April 2008
The chancellor welcomes the Bank of England's package to help banks through the credit crunch.
The Bank of England has pledged £50bn to shore up banks against the credit crisis - but the chancellor has promised there is no loss to the taxpayer.
Alistair Darling welcomed the rescue package, which will enable banks to swap potentially risky mortgage assets for more secure government bonds. He said it would help restore confidence in the financial markets.
The banks themselves called it "innovative and substantive". But is it enough to have any real impact in the face of economic turmoil around the world?
