The momentous decision came after a day of turmoil on the London stock exchange, where shares in RBS, the banking group, fell by 39 per cent to add to a 20 per cent tumble the day before. Rival HBOS more than halved over two days
Faced with an intensifying banking crisis, Mr Brown sanctioned moves for the taxpayer to recapitalise leading banks, in a bid to restore confidence in the system and to encourage them to start lending again.
The total cost of the scheme was estimated at between ￡35-￡50bn, which is expected to be executed through the government acquiring preferred shares. Mr Brown is expected to insist the taxpayer receive generous dividends and profits on the deal if share prices recover.
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