Brown welcomes crisis co-operation

Published:
01 October 2008
Topic:
News,Money,Savings

Cross-party co-operation during the financial crisis has been welcomed by Prime Minister Gordon Brown as he rejected calls to guarantee all savings accounts in banks at risk of collapse.

After Chancellor Alistair Darling held emergency talks with opposition parties, Mr Brown pledged to do "whatever is necessary" to get Britain through the world banking turmoil.

He insisted that the UK was in a "far stronger position financially than in previous decades" and well placed to get through the present difficulties.

Answering demands from Lib Dem leader Nick Clegg for a "cast iron guarantee" that no depositors would lose out, Mr Brown said plans to extend the present protection level to £50,000 are sufficient.

Asked whether he would follow the Irish Government in giving a full guarantee for savers, he said: "Let's remember that the Irish are dealing with taxpayers' money here."

The raising of the limit from £35,000 is included in legislation that the Conservatives promised to help get through Parliament by the time emergency laws passed during the Northern Rock crisis run out in February.

The Prime Minister's spokesman said details of the reform package, including the new £50,000 limit, would be given when Parliament returns next week.

Copyright © PA Business 2008

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