INDUSTRY NEWS

Darling ‘will do everything’ to stabilise financial system

The chancellor has pledged to do all he can to ensure that the financial system in the UK remains stable.

Speaking in the House of Commons, Alistair Darling says that he will take action to provide support for banks and the banking sector as a whole.

He confirmed that more than £40 billion is set to be injected into the financial system in order to provide stability.

Mr Darling told MPs in London: “I’ve made it clear that we will do whatever is necessary to maintain stability.

“It’s essential that we take action to both support the banking system as a whole – as well as being ready to intervene in particular cases when it’s necessary to do so.”

The current financial crisis has had a knock on effect for businesses with many London offices being forced to make redundancies.

Today it was revealed that thousands of staff at the collapsed investment bank Lehman Brothers may not receive any redundancy pay outs or bonuses. ADNFCR-1329-ID-18813490-ADNFCR

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