8 October 2008
City welcomes Darling announcement
Stuart Fraser, Chairman of the Policy and Resources Committee of
the City of London Corporation, says:
"We welcome today's decisive action by the Government. This plan
addresses the issues - as did the US package agreed last week - but
it will have greater immediate effect.
"Today's measures are designed to get banks lending to
individuals and businesses again. Everyone needs to be clear that
this action is about the High Street and the wider UK public and
not the City alone.
"Addressing liquidity will get banks lending to each other and
help keep us well away from a situation where businesses across the
UK can't cover payroll and invoices aren't being paid. Tackling
liquidity is crucial to this. Of course, other measures such as
guaranteeing deposits are welcome too.
"This plan is quite properly focussed on the domestic economy,
but to solve this global financial turmoil we need global solutions
as well. Coordinated action by governments across Europe would also
be welcome."
Ends