Menu
16/09/2008
Darling Calls For Global Effort, Amid Further Market Turmoil
UK Chancellor Alistair Darling has called for a collaborative global effort to stabilise international markets, amid mounting financial pressures being felt across the world.
Mr Darling said governments, regulators and central banks should act jointly to combat the current worldwide market turmoil.
All countries have been affected by economic uncertainty, according to Mr Darling, who said he was encouraged by yesterday's fall in oil prices.
The Chancellor told the BBC: "We need to take action internationally, and we are.
"It means that central banks need to help, and yesterday you saw right across the world the American Fed, the ECB, our own Bank of England and Japan, all intervening."
Mr Darling stress this is "clearly a very difficult time", but argued he was "confident" that we would "get through it".
Governments, central banks and regulators have made a clear pledge to do everything they possibly can to retain a level of economic stability for all financial systems, according to Mr Darling.
"We must, must, must act together to make sure that we tighten up the system so that we can try and reduce the likelihood of this sort of thing happening again in the future," he said.
Last night, Asia felt the effects of the US market tumble, following the collapse of American banking giant Lehman Brothers.
Investor fear sparked a 5-6% fall in Japanese and Hong Kong markets.
The markets have seen a rapid spate of selling in banking and financial stocks, however the Chancellor said banks could limit the damage by ensuring they are open about their position.
Mr Darling said: "We need to ensure that as far as we reasonably can, we get as much openness, banks declaring their positions, so that people can get more certainty, and are therefore more likely to put their money back into bank shares,
"We need far more openness and transparency."
(PR/JM)
Mr Darling said governments, regulators and central banks should act jointly to combat the current worldwide market turmoil.
All countries have been affected by economic uncertainty, according to Mr Darling, who said he was encouraged by yesterday's fall in oil prices.
The Chancellor told the BBC: "We need to take action internationally, and we are.
"It means that central banks need to help, and yesterday you saw right across the world the American Fed, the ECB, our own Bank of England and Japan, all intervening."
Mr Darling stress this is "clearly a very difficult time", but argued he was "confident" that we would "get through it".
Governments, central banks and regulators have made a clear pledge to do everything they possibly can to retain a level of economic stability for all financial systems, according to Mr Darling.
"We must, must, must act together to make sure that we tighten up the system so that we can try and reduce the likelihood of this sort of thing happening again in the future," he said.
Last night, Asia felt the effects of the US market tumble, following the collapse of American banking giant Lehman Brothers.
Investor fear sparked a 5-6% fall in Japanese and Hong Kong markets.
The markets have seen a rapid spate of selling in banking and financial stocks, however the Chancellor said banks could limit the damage by ensuring they are open about their position.
Mr Darling said: "We need to ensure that as far as we reasonably can, we get as much openness, banks declaring their positions, so that people can get more certainty, and are therefore more likely to put their money back into bank shares,
"We need far more openness and transparency."
(PR/JM)
Related UK National News Stories
Click here for the latest headlines.
14 April 2008
PM And Chancellor To 'Squeeze' Big Banks
Another type of credit squeeze is about to be applied to the UK's major banking institutions.
PM And Chancellor To 'Squeeze' Big Banks
Another type of credit squeeze is about to be applied to the UK's major banking institutions.
27 July 2009
Darling Tackles Banks On Loan Costs
Lending to small businesses is growing - that's what the UK's leading banks told the Chancellor today. Alastair Darling met with the nation's most high profile institutions this afternoon, and pressed for more details on the financial charges small firms face.
Darling Tackles Banks On Loan Costs
Lending to small businesses is growing - that's what the UK's leading banks told the Chancellor today. Alastair Darling met with the nation's most high profile institutions this afternoon, and pressed for more details on the financial charges small firms face.
09 October 2008
Councils Call For Icelandic Banks Guarantees
Council leaders are seeking an urgent meeting with the Chancellor this afternoon to discuss the potential repercussions of the collapse of Icelandic banks.
Councils Call For Icelandic Banks Guarantees
Council leaders are seeking an urgent meeting with the Chancellor this afternoon to discuss the potential repercussions of the collapse of Icelandic banks.
21 November 2008
Darling To Force Small Business Lending
Banks could be forced to lend to ailing enterprises, struggling from the effects of the economic downturn, according to reports. Chancellor Alistair Darling is said to be considering robust new legislation that would put pressure on lenders to provide loans to small businesses.
Darling To Force Small Business Lending
Banks could be forced to lend to ailing enterprises, struggling from the effects of the economic downturn, according to reports. Chancellor Alistair Darling is said to be considering robust new legislation that would put pressure on lenders to provide loans to small businesses.
08 February 2011
Banks Levy Aims To Raise £800m In 'Fair Contribution'
Chancellor George Osborne hopes to raise an extra £800m for the Treasury by increasing the levy on banks' profits this year. He said the move will aim to raise £2.5bn in future years as "banks make a fair contribution to closing the deficit".
Banks Levy Aims To Raise £800m In 'Fair Contribution'
Chancellor George Osborne hopes to raise an extra £800m for the Treasury by increasing the levy on banks' profits this year. He said the move will aim to raise £2.5bn in future years as "banks make a fair contribution to closing the deficit".
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
