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| Darling pledges more bank action | Darling pledges more bank action |
| (10 minutes later) | |
| Alistair Darling has said he is willing to take "some pretty big steps" to help stabilise the banking system as he faces opposition calls for more action. | Alistair Darling has said he is willing to take "some pretty big steps" to help stabilise the banking system as he faces opposition calls for more action. |
| The chancellor insisted the government was looking at a "range of proposals" amid fears of other bank failures. | The chancellor insisted the government was looking at a "range of proposals" amid fears of other bank failures. |
| The Conservatives said ministers should consider taking stakes in banks, while the Lib Dems said Mr Darling must urge the Bank of England to cut rates. | |
| Mr Darling welcomed cross-party support but ruled out any action over rates. | Mr Darling welcomed cross-party support but ruled out any action over rates. |
| Statement to MPs | Statement to MPs |
| He said it was vital for the Bank of England to remain free of political interference and rejected calls to change the Bank's remit to focus on supporting economic growth rather than curbing inflation. | He said it was vital for the Bank of England to remain free of political interference and rejected calls to change the Bank's remit to focus on supporting economic growth rather than curbing inflation. |
| Mr Darling will make a statement to MPs on Monday on the financial crisis at the first parliamentary session after the summer recess. | Mr Darling will make a statement to MPs on Monday on the financial crisis at the first parliamentary session after the summer recess. |
| We are looking at some pretty big steps which we would not take in ordinary times but we are ready to take them Alistair Darling | We are looking at some pretty big steps which we would not take in ordinary times but we are ready to take them Alistair Darling |
| The government is putting forward legislation in the coming days to give the authorities enhanced powers to support troubled banks. | The government is putting forward legislation in the coming days to give the authorities enhanced powers to support troubled banks. |
| Mr Darling said that a raft of other measures were being considered. | Mr Darling said that a raft of other measures were being considered. |
| "Be in no doubt we will do whatever it takes to stabilise the banking system," Mr Darling told the BBC One's Andrew Marr Show, adding it was "critical to support business and jobs". | "Be in no doubt we will do whatever it takes to stabilise the banking system," Mr Darling told the BBC One's Andrew Marr Show, adding it was "critical to support business and jobs". |
| "We are looking at some pretty big steps which we would not take in ordinary times but we are ready to take them," he added. | "We are looking at some pretty big steps which we would not take in ordinary times but we are ready to take them," he added. |
| At a meeting with other European leaders on Saturday, Gordon Brown ruled out a US-style bail-out of banks across Europe. | At a meeting with other European leaders on Saturday, Gordon Brown ruled out a US-style bail-out of banks across Europe. |
| Mr Darling said the government would continue to support the banking sector in general and was ready to step in to help individual institutions when needed. | Mr Darling said the government would continue to support the banking sector in general and was ready to step in to help individual institutions when needed. |
| He also defended the government's new emergency decision-making committee - the National Economic Council, which meets for the first time on Monday - from criticism that it is no more than a talking shop. | He also defended the government's new emergency decision-making committee - the National Economic Council, which meets for the first time on Monday - from criticism that it is no more than a talking shop. |
| But opposition parties have called on the government to do much more to help restore confidence to the banking system and limit the impact of the credit crunch on the wider economy. | But opposition parties have called on the government to do much more to help restore confidence to the banking system and limit the impact of the credit crunch on the wider economy. |
| 'Economic disaster' | 'Economic disaster' |
| Despite saying there were "plenty of opportunities" for the main parties to work together, shadow chancellor George Osborne said more decisive action may be needed to help banks back to health. | Despite saying there were "plenty of opportunities" for the main parties to work together, shadow chancellor George Osborne said more decisive action may be needed to help banks back to health. |
| "The ad hoc approach is coming to an end and we need to look at much bigger solutions," he said. | "The ad hoc approach is coming to an end and we need to look at much bigger solutions," he said. |
| Lib Dem treasury spokesman Vince Cable said the economy was on the "edge of a cliff" and urged Mr Darling to put pressure on the Bank of England to substantially lower interest rates. | Lib Dem treasury spokesman Vince Cable said the economy was on the "edge of a cliff" and urged Mr Darling to put pressure on the Bank of England to substantially lower interest rates. |
| "We are on the cusp of a major economic disaster coming out of a financial disaster," he said. | |
| Separately, the new Business Secretary Peter Mandelson said the current financial situation was "very bad". | Separately, the new Business Secretary Peter Mandelson said the current financial situation was "very bad". |
| He told Sky News that "very big lessons" needed to be learned to ensure the current crisis never happened again, adding that the EU should take action collectively on key issues. | He told Sky News that "very big lessons" needed to be learned to ensure the current crisis never happened again, adding that the EU should take action collectively on key issues. |