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| Version 1 | Version 2 |
|---|---|
| US vote disappointing, says Brown | US vote disappointing, says Brown |
| (about 2 hours later) | |
| Prime Minister Gordon Brown has said the voting down of a $700bn (£380bn) bill in the US aimed at bailing out Wall Street was "very disappointing". | Prime Minister Gordon Brown has said the voting down of a $700bn (£380bn) bill in the US aimed at bailing out Wall Street was "very disappointing". |
| The plan was rejected by 228 to 205 votes in the House of Representatives. | The plan was rejected by 228 to 205 votes in the House of Representatives. |
| Mr Brown said he would do "whatever is necessary" to ensure the stability of the British financial system. | Mr Brown said he would do "whatever is necessary" to ensure the stability of the British financial system. |
| Tory leader David Cameron said the eyes of the world were on Congress. Nick Clegg for the Lib Dems said it heralded "a very dangerous time". | Tory leader David Cameron said the eyes of the world were on Congress. Nick Clegg for the Lib Dems said it heralded "a very dangerous time". |
| 'Continued stability' | 'Continued stability' |
| Without a bail-out plan, US banks will be left to handle all their own bad mortgage debt and more of them will be in danger of going bust. | Without a bail-out plan, US banks will be left to handle all their own bad mortgage debt and more of them will be in danger of going bust. |
| Shares on Wall Street plunged at the news and ended down more than 700 points, the biggest daily fall ever. | Shares on Wall Street plunged at the news and ended down more than 700 points, the biggest daily fall ever. |
| Mr Brown said: "The vote in America is very disappointing. The governor of the Bank of England, the chancellor and I will take whatever action necessary to ensure continued stability for Britain. | Mr Brown said: "The vote in America is very disappointing. The governor of the Bank of England, the chancellor and I will take whatever action necessary to ensure continued stability for Britain. |
| We are doing everything to maintain the security of families and citizens in this country Gordon Brown | We are doing everything to maintain the security of families and citizens in this country Gordon Brown |
| "The stability of our system is something that we are doing everything in our power to maintain." | "The stability of our system is something that we are doing everything in our power to maintain." |
| It came on a day when government announced it was nationalising the troubled Bradford & Bingley bank in order to safeguard its future. | It came on a day when government announced it was nationalising the troubled Bradford & Bingley bank in order to safeguard its future. |
| "We have taken decisive action in the last few days and that decisive action has continued over the weekend," said the prime minister. | "We have taken decisive action in the last few days and that decisive action has continued over the weekend," said the prime minister. |
| "We are doing everything to maintain the security of families and citizens in this country." | "We are doing everything to maintain the security of families and citizens in this country." |
| Mr Brown said he had sent a message to the White House "about the importance of taking decisive action". | Mr Brown said he had sent a message to the White House "about the importance of taking decisive action". |
| 'Great anxiety' | 'Great anxiety' |
| Mr Cameron, currently in Birmingham for the Conservative party conference, said that developments in the US had strong implications for the UK. | Mr Cameron, currently in Birmingham for the Conservative party conference, said that developments in the US had strong implications for the UK. |
| "Clearly the eyes of the world are on Congress and a deal is needed in order to stabilise financial markets not just in America but elsewhere," he said. | "Clearly the eyes of the world are on Congress and a deal is needed in order to stabilise financial markets not just in America but elsewhere," he said. |
| "What is needed is for parties to work together and there may be lessons for us back home. | "What is needed is for parties to work together and there may be lessons for us back home. |
| Gordon Brown's disappointment at the news from the US | |
| "We are a responsible opposition, we stand ready to work with the government and help the government in any way that is necessary to bring stability at what is a time of great anxiety." | "We are a responsible opposition, we stand ready to work with the government and help the government in any way that is necessary to bring stability at what is a time of great anxiety." |
| Mr Clegg said he was writing to the other two leaders to offer cross-party talks on the situation. | Mr Clegg said he was writing to the other two leaders to offer cross-party talks on the situation. |
| He said: "With the [Treasury Secretary Henry] Paulson package blocked in Congress we are now entering a very dangerous time. | He said: "With the [Treasury Secretary Henry] Paulson package blocked in Congress we are now entering a very dangerous time. |
| "We must do everything to prevent the events in the US Congress leading to a downward spiral of market panic and widespread bank failure. This would pose the greatest challenge to Britain and the world in decades. | "We must do everything to prevent the events in the US Congress leading to a downward spiral of market panic and widespread bank failure. This would pose the greatest challenge to Britain and the world in decades. |
| "That's why I believe these exceptional times require a suspension of normal political hostilities and a rapid move towards a cross-party consensus on how we might prepare for the worst-case scenario." | "That's why I believe these exceptional times require a suspension of normal political hostilities and a rapid move towards a cross-party consensus on how we might prepare for the worst-case scenario." |
| 'Leave of senses' | |
| Speaking on the BBC's Newsnight programme, EU Trade Commissioner Peter Mandelson expressed concern at the failure to agree a bail-out deal. | Speaking on the BBC's Newsnight programme, EU Trade Commissioner Peter Mandelson expressed concern at the failure to agree a bail-out deal. |
| "I feel they've taken leave of their senses, and I hope that in Europe, we will not see politicians and parliamentarians replicating the sort of irresponsibility and political partisanship that we have seen in Washington," he said. | "I feel they've taken leave of their senses, and I hope that in Europe, we will not see politicians and parliamentarians replicating the sort of irresponsibility and political partisanship that we have seen in Washington," he said. |
| The BBC's Iain Watson in Westminster says the scale of the crisis seems to be creating greater consensus rather than conflict among UK political parties. | |
| Leading politicians are determined not to allow the financial situation to become a drama, he added. | |
| BBC News correspondent Kevin Connolly in the US says frantic steps will now be taken to get some form of amended version of the bill through Congress. | BBC News correspondent Kevin Connolly in the US says frantic steps will now be taken to get some form of amended version of the bill through Congress. |