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Chancellor Alistair Darling has outlined a £50bn rescue plan to tackle "extraordinary turbulence" in the banking system......so what are your thoughts on this?

yanks arn't in2 brit polatics...

Probably the right thing to do, though to be honest I don't know more than anyone else; whether it will do the trick is a gamble, but then, everything is a gamble right now. Its likely that the other major EU countries will have to do something pretty similar to recapitalize their banks as well. However, there are going to be consequences, significant ones.

How is this going to affect the British tax payer though thats what many of us are worried about.

SlipStream;1012319 wrote: yanks arn't in2 brit polatics...Maybe not but British ones are.

Carolly;1012338 wrote: How is this going to affect the British tax payer though thats what many of us are worried about.


It means your country owes a lot more money than it did on friday essentially, if that money is not made back through bank profits feeding into higher share prices then you will have to pay for it through higher taxes or reduced public spending. The upside of it (and its a big upside) is that you will be able to get Sterling out of Bank ATM machines over the weekend because you will still have banks, and a functioning money supply is of course quite important if you want to buy anything.

Galbally;1012349 wrote: It means your country owes a lot more money than it did on friday essentially, if that money is not made back through bank profits feeding into higher share prices then you will have to pay for it through higher taxes or reduced public spending. The upside of it (and its a big upside) is that you will be able to get Sterling out of Bank ATM machines over the weekend because you will still have banks, and a functioning money supply is of course quite important if you want to buy anything.


Thanks for that, an explanation I understood.

Galbally;1012349 wrote: It means your country owes a lot more money than it did on friday essentially, if that money is not made back through bank profits feeding into higher share prices then you will have to pay for it through higher taxes or reduced public spending. The upside of it (and its a big upside) is that you will be able to get Sterling out of Bank ATM machines over the weekend because you will still have banks, and a functioning money supply is of course quite important if you want to buy anything.
Ive just been watching them discuss this matter on the tele and some didn't seem very happy on what has been done.....reduce on public spending....maybe but where.Seems all we are doing is paying more taxes and getting less back in certain areas .........and now this.

Well im pleased we personally dont keep a lot of money in the bank:sneaky: mostly cos we just spend it as we get it mainly:wah: but we do have a savings account in the post office. Also thiking of getting some premium bonds. Our wages dont even go into the bank as my husband is a taxie driver so takes cash daily.

Carolly;1012355 wrote: Ive just been watching them discuss this matter on the tele and some didn't seem very happy on what has been done.....reduce on public spending....maybe but where.Seems all we are doing is paying more taxes and getting less back in certain areas .........and now this.


well seems thats always the case Carol:rolleyes:

kazalala;1012533 wrote: well seems thats always the case Carol:rolleyes:I find it quite disturbing TBH Kaz.

They're just saying on the News....there is no Plan B.....it must be their Plan A...Oh I hope this works.

Carolly;1012308 wrote: Chancellor Alistair Darling has outlined a £50bn rescue plan to tackle "extraordinary turbulence" in the banking system......so what are your thoughts on this?


If he had not done it this morning there would have been between three and five major UK banks in collapse tonight.

After that, either the government would have had to stump up even more to nationalise the failed banks or half the population would be wondering how they could pay their bills and eat tomorrow.

Bryn Mawr;1013136 wrote: If he had not done it this morning there would have been between three and five major UK banks in collapse tonight.

After that, either the government would have had to stump up even more to nationalise the failed banks or half the population would be wondering how they could pay their bills and eat tomorrow.
What a state to get into Bryn.

Carolly;1013238 wrote: What a state to get into Bryn.


I'm not convinced you can blame the government for it though.

spot;1013340 wrote: I'm not convinced you can blame the government for it though.


Don't think I have.

It's reasonable easy to be a golden boy in a rising market, it's when trading get tough that you see how good the tactics were - one takeover too far at the wrong time can leave you very exposed for example.

I still cannot get my head round the attraction of buying other's debts for more than face value, without checking the risk factors, in the hope of selling them on at an even more inflated price. Pass the parcel with a bang.