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UK government announce £50 billion rescue package

It was probably the worst kept secret in the financial markets but today we have seen the announcement of a £50 billion rescue package for UK banks. But does it go far enough and will it see us through the crisis?

While the move today was announced in a blaze of glory it seems to many as though this is yet again only a half way house and not the final piece of the jigsaw for the UK economy. It has also come so late in the day that many people actually believe that the situation has moved ahead of the government and rather than planning ahead they are just fire fighting at the moment - a sure fire way to make mistakes and miss the long term objectives of such a move.

There was also some interesting criticism of the US bailout and the structuring of that deal even though only 7 days ago Gordon Brown pledged to back the deal 'whatever the detail'. Will our American friends be happy that the blame for this current crisis has been laid firmly at their door?

In truth the £50 billion bailout is welcomed, it is needed but is it too little too late?

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