“I’ll do whatever is necessary” – Darling

“I’ll do whatever is necessary” – Darling

 

In an emergency statement to the House of Commons, the Chancellor of the Exchequer Alistair Darling promised to do whatever is necessary to solve the problems in the financial system.

Speaking to MPs, Darling argued it was essential the Government took action to support the banking system as a whole, as well as being prepared to intervene in individual cases where necessary.

Darling revealed the Bank of England would tomorrow inject £40bn into the market to improve liquidity, taking on a wider range of security, and would continue with such injections until November.

The Chancellor also emphasised the importance of collective action. He said: “I have always been clear that each country needs to do whatever is needed to deal with its own particular circumstances. However, I also believe that wherever it is possible to do so, countries should work and act together to maintain stability.”

Darling will now fly to Luxembourg to meet fellow European Finance Ministers to discuss how to bring stability to the system and protect depositors. He will also attend G7 and International Monetary Fund meetings in Washington later this week.

Concluding his statement, Darling said: “I have made it very clear that the Government stands ready – with the resources and the commitment – to do whatever is necessary. Our priority, at home and abroad, is to bring stability to the financial system, ensure depositors and savers are protected, and defend the interest of the taxpayer.”