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Jan. 20th, 2009 10:12 am![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
sophiaserpentiaThe next Iceland: looks like it's going to be England. A second bank bailout was announced there late last week, and it looks like it has already failed. (all links seen in ![[livejournal.com profile]](https://www.dreamwidth.org/img/external/lj-community.gif)
the_recession)
The Government and the Bank of England have got "days not weeks" to take action to revive the economy or face a prolonged depression, one of the UK's leading economists has warned.
The former chairman of the Royal Bank of Scotland has warned there is a "serious risk" of an economic depression in the UK.
Today's news: There was a run on the Royal Bank of Scotland this weekend.
The Royal Bank of Scotland was on the brink last night after the biggest loss in British corporate history sparked a collapse in its shares. Billions of pounds were wiped from its stock market value despite the Government’s pledge to keep it afloat with more money from the taxpayer. As Gordon Brown set out plans to increase public ownership to 70 per cent of what was once one of the world’s biggest financial conglomerates, City investors dumped the shares in a selling frenzy. RBS, worth £75 billion only two years ago, is now valued at £4.5 billion, even though it received £32 billion from taxpayers and shareholders less than three months ago.
For more: CNBC's Europe Bank Crisis Page
the_recession)The Government and the Bank of England have got "days not weeks" to take action to revive the economy or face a prolonged depression, one of the UK's leading economists has warned.
The former chairman of the Royal Bank of Scotland has warned there is a "serious risk" of an economic depression in the UK.
Today's news: There was a run on the Royal Bank of Scotland this weekend.
The Royal Bank of Scotland was on the brink last night after the biggest loss in British corporate history sparked a collapse in its shares. Billions of pounds were wiped from its stock market value despite the Government’s pledge to keep it afloat with more money from the taxpayer. As Gordon Brown set out plans to increase public ownership to 70 per cent of what was once one of the world’s biggest financial conglomerates, City investors dumped the shares in a selling frenzy. RBS, worth £75 billion only two years ago, is now valued at £4.5 billion, even though it received £32 billion from taxpayers and shareholders less than three months ago.
For more: CNBC's Europe Bank Crisis Page
