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Brown: We'll be rock of stability Brown: We'll be rock of stability
(20 minutes later)
The government must be a "rock of stability" for British people during the credit crisis, Prime Minister Gordon Brown has said.The government must be a "rock of stability" for British people during the credit crisis, Prime Minister Gordon Brown has said.
The Treasury is to inject up to £37bn of new capital into Royal Bank of Scotland, Lloyds TSB and HBOS.The Treasury is to inject up to £37bn of new capital into Royal Bank of Scotland, Lloyds TSB and HBOS.
Mr Brown told a press conference people could not be left to be "buffeted about" and banking was a "lifeline".Mr Brown told a press conference people could not be left to be "buffeted about" and banking was a "lifeline".
It was not "standard public ownership" and the banks would return to private investors "at the right time", he said.It was not "standard public ownership" and the banks would return to private investors "at the right time", he said.
Meanwhile, Monday's meeting of the National Economic Council - set up recently to deal with the crisis - has been put back from 1000 BST to 1500 BST. Meanwhile, Monday's meeting of the National Economic Council - set up recently to deal with the crisis - has been put back from 1000 BST to 1700 BST.
The prime minister told a Downing Street news conference that the action the government was taking over banks was "unprecedented but essential".The prime minister told a Downing Street news conference that the action the government was taking over banks was "unprecedented but essential".
'Vigorous action''Vigorous action'
He said: "In extraordinary times, with financial markets ceasing to work, the government cannot just leave people on their own to be buffeted about.He said: "In extraordinary times, with financial markets ceasing to work, the government cannot just leave people on their own to be buffeted about.
"For savers, for small businesses, and for homeowners, we must in an uncertain and unstable world be the rock of stability on which the British people can depend.""For savers, for small businesses, and for homeowners, we must in an uncertain and unstable world be the rock of stability on which the British people can depend."
The guiding idea is fair reward for hard work, effort and enterprise, not incentives for irresponsibility or excessive risk-taking Gordon Brown
Mr Brown added: "To let the chits fall where they may would be the height of irresponsibility.Mr Brown added: "To let the chits fall where they may would be the height of irresponsibility.
"It would be a failure of leadership at precisely the moment vigorous action is needed to protect people who need that help the most."It would be a failure of leadership at precisely the moment vigorous action is needed to protect people who need that help the most.
"And if we pull together as a country, we can come through these times stronger and not weaker.'"And if we pull together as a country, we can come through these times stronger and not weaker.'
'Strengthen and rebuild' Board members of the affected banks would not receive bonuses in the immediate future, the prime minister said.
Chancellor Alistair Darling earlier told BBC Radio 4's Today programme: "The reason we're doing this is not because we want to run banks - the reason that we're doing this, is because this is the only way when markets are not available to certain banks - that that they can get the money they need, the capitalisation they need. He added: "Our action is driven by our values. For this government, and I believe the whole country, the guiding idea is fair reward for hard work, effort and enterprise, not incentives for irresponsibility or excessive risk-taking for which the rest of us have paid."
"That is the government's sole intention here to make sure we strengthen and rebuild British banks and to support British banks as we get through the period." Appoint directors
Chancellor Alistair Darling earlier told BBC Radio 4's Today programme that "the government's sole intention here to make sure we strengthen and rebuild British banks and to support British banks as we get through the period".
He also said: "We will appoint directors to the boards of those banks.He also said: "We will appoint directors to the boards of those banks.
"They will be run at arm's length from the government - but we are insisting that there will not be bonuses paid this year.""They will be run at arm's length from the government - but we are insisting that there will not be bonuses paid this year."
For the Conservatives, shadow chief secretary to the Treasury Philip Hammond said: "I think we're still going to see quite a significant economic slowdown over the coming months.For the Conservatives, shadow chief secretary to the Treasury Philip Hammond said: "I think we're still going to see quite a significant economic slowdown over the coming months.
"But if this intervention in the financial markets does the trick then that may be relatively shallow and relatively limited in duration.""But if this intervention in the financial markets does the trick then that may be relatively shallow and relatively limited in duration."
Liberal Democrat Treasury spokesman Vince Cable said the government needed to be "tough" in its arrangement with the banks on behalf of taxpayers whose cash will be used to help keep them afloat.Liberal Democrat Treasury spokesman Vince Cable said the government needed to be "tough" in its arrangement with the banks on behalf of taxpayers whose cash will be used to help keep them afloat.
On Sunday Mr Brown met fellow European leaders to discuss the crisis, saying afterwards that he believed confidence in the banking system would be restored by global action "in the next few days".On Sunday Mr Brown met fellow European leaders to discuss the crisis, saying afterwards that he believed confidence in the banking system would be restored by global action "in the next few days".