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Treasury mulls new bank bail-out | Treasury mulls new bank bail-out |
(about 1 hour later) | |
A further bail-out for the UK's banks is being considered by the government, Treasury sources have confirmed. | A further bail-out for the UK's banks is being considered by the government, Treasury sources have confirmed. |
Chancellor Alistair Darling is creating a new package of measures aimed at tackling the economic slowdown, with a fresh cash injection a possibility. | Chancellor Alistair Darling is creating a new package of measures aimed at tackling the economic slowdown, with a fresh cash injection a possibility. |
Sources say no decisions have been made but creating a "bad bank" where "toxic assets" could be left, or exchanged for government bonds, is being considered. | Sources say no decisions have been made but creating a "bad bank" where "toxic assets" could be left, or exchanged for government bonds, is being considered. |
The government has already pumped £37bn into shoring-up struggling banks. | The government has already pumped £37bn into shoring-up struggling banks. |
The ability of businesses and homebuyers to obtain credit is seen as key to economic recovery. | The ability of businesses and homebuyers to obtain credit is seen as key to economic recovery. |
'Politically difficult' | 'Politically difficult' |
BBC political correspondent David Thompson says a fresh injection of cash "would be politically difficult". | |
"There's already anger that the banks are failing to respond to needs of businesses and homebuyers," he says. | "There's already anger that the banks are failing to respond to needs of businesses and homebuyers," he says. |
"Opposition parties would claim that giving them more money was evidence that the government's original plan to revive the economy had stalled. | "Opposition parties would claim that giving them more money was evidence that the government's original plan to revive the economy had stalled. |
"However, ministers would be likely to argue that any flak would be worthwhile if a second bail-out helped shore up the already fragile banking sector - and got it lending to the public once again." | "However, ministers would be likely to argue that any flak would be worthwhile if a second bail-out helped shore up the already fragile banking sector - and got it lending to the public once again." |