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Alistair Darling fails to attract European support

Alistair Darling has been in Brussels today trying to drum up support for his latest bank rescue package which will see the government underwrite potentially toxic assets held by UK banks. However, he received a very lukewarm welcome in direct contrast to the earlier bank rescue package which was adopted by many European leaders. Many EU members believe this rescue package is a step too far and with potentially unlimited liabilities it puts the UK economy and future competitiveness of the country at risk.

The unfortunate question of a potential "run on the pound" was also raised in public by EU members, something which did not go down very well with Alistair Darling and his aides. There are similarities to the time when the UK government poured scorn on the Icelandic economy which the Icelandic government blame for a run on their currency and the subsequent collapse of their banking system.

Hopes that the UK government's earlier bank bailout would be enough to save the system have now evaporated as has the confidence many had in Gordon Brown and Alistair Darling just weeks ago. Friends in the EU are now very quiet and there is a feeling that the UK government will be frozen out of the picture with regards to EU matters in the short to medium term.

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