Massive rescue plan for banks
Gordon Brown, UK prime minister, on Tuesday ordered a taxpayer-backed cash injection to rebuild the balance sheets of Britain’s high street banks, in effect part-nationalising the sector at an estimated cost of between £35bn-£50bn. The decision came after Mr Brown’s meeting with Mervyn King (pictured), governor of the Bank of England; Lord Turner, chairman of the FSA, and chancellor Alistair Darling