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Page last updated at 07:34 GMT, Monday, 13 October 2008 08:34 UK

Darling unveils 37bn rescue plan

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The government is to inject up to 37bn of new capital into Royal Bank of Scotland, Lloyds TSB and HBOS. The Chancellor of the Exchequer Alistair Darling says the government will do "whatever it takes for as long as it takes" to bring stability. He explains that the move means the government will own just over 60% of RBS and 40% of Lloyds TSB and HBOS in a combination of ordinary shares and preference shares. He also explains that the government has insisted the banks increase their lending to small and medium sized businesses and also to the mortgage market.

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