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In order to rescue its banks from financial crisis, Britain has decided to announce monetary package for them on October, 8 2008. This decision was taken at a meeting among Prime Minister Gordon Brown and the heads of Britain's central bank and financial regulator in Downing Street. Talking to media finance minister of Britain, Alistair Darling informed that talks are on with the Bank of England and Financial Services Authority to revive the overall banking system of the country. The Bank of England is ready to put substantial sums into the market and it has already started its operation.
Report says that the Royal Bank of Scotland (RBS), Barclays and Lloyds TSB have requested the finance minister for emergency funding. These banks are suffering great losses, with RBS stock falling more than 40 percent, hitting a 13-year-low. The decision of offering rescue package to banks will enable them immediate financial recovery. Britain is not the only country to go for rescue package; several other countries have announced rescue plans for their banking industries. The US has also announced 700-billion-dollar plan last week.
