- News Home
- UK
- World
- Society
- Politics
- Business & Money
- Science & Technology
- Sport
- Arts & Entertainment
- Weather
£50bn rescue package for banks
£50bn rescue package for banks
Last Modified: 21 Apr 2008
By:
Katie Razzall
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?
Share this article
After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
Credit crunch »
Credit crunch in the News
-
US Election 2008 »
The battle to become the 44th president of the United States.
-
Watch again »
There's now an easier way to watch Channel 4 News when you want to.
-
FactCheck »
Impartial, empirical, reliable and dispassionate, FactCheck tests the claims of the powerful.
-
Sign up to Snowmail »
The day's news from Jon Snow and the team direct to your inbox.
-
Week in pictures »
The biggest stories and the best pictures.
-
Fan of Channel 4 News? »
Join us on Facebook here.
-
World of Hack »
Topical animated cartoons from artist in residence, Hack.
-
Beau Bo D'Or »
Political commentary from our blog artist Beau Bo D'Or.
