London, Oct. 7: After FTSE 100 lost 391 points on Monday, its largest one-day points fall, the Prime Minister, Mr Gordon Brown, said on Tuesday that his government would "take whatever action is necessary" to maintain the stability of the financial system.
Mr Brown briefed his Cabinet about the latest updates in the global credit crisis as chancellor of exchequer Alistair Darling joined fellow European Union finance ministers at a two-day meeting in Luxembourg to hold talks on the global financial crisis that has hit European banks hard.
According to unconfirmed reports, Mr Darling met bankers to discuss the government’s plan to part nationalise sections of the UK banking industry. However, there was no confirmation of this and only RBS confirmed that its CEO had met Mr Darling.
Meanwhile, the British Chambers of Commerce (BCC) has warned that the country has already plunged into recession. "Overall, the alarming Q3 results point to worsening dangers of major economic downturn and rising unemployment. The results support the view that a recession in the United Kingdom has started," said David Kern, economic adviser to the BCC.
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