Published Date: 14 October 2008 New laws to help stop more British banks going bust are due to be debated in the Commons as the Government continues its efforts to halt the worst effects of the credit crunch. MPs will discuss the Treasury's Banking Bill the day after a £37 billion taxpayer lifeline was thrown to three of the UK's biggest banks in a bid to end the sector's turmoil. In what Gordon Brown called an "unprecedented but essential" agreement, the Government announced it would take "significant" stakes in Royal Bank of Scotland, Lloyds TSB and Britain's biggest mortgage lender, Halifax Bank of Scotland. The high-stakes bail-out, approved by Brussels on Monday night, restored some confidence in London shares with the FTSE 100 Index closing more than 8% higher. But shares in the three banks fell heavily, reflecting the...
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