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UK Banks accuse government over rescue plan

It has been revealed that the Chancellor Alistair Darling held talks with some of the UK largest banks yesterday in a bid to try and avert a banking crisis in the UK. The meeting was attended by representatives from Barclays Bank, Royal Bank of Scotland and Lloyds Bank and by all accounts it was a very stormy affair. News is starting to leak out about the content of the meeting and it does not bode well for the stock market where confidence is at an all time low.

The banks are rumoured to have requested up to £50 billion in tax payers money to support the system which, like so many around the world, is starting to creak. However, it looks as though the government has yet to finalise any rescue plan, something which has infuriated many in the UK financial sector. As we have mentioned on a number of occasions it seems that now is the time for action rather than words.

Initially the calming words from the government did instil some confidence into the markets but this has very much fallen by the wayside over the last few weeks. What will it take for a plan of action to be addressed by the authorities?

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