Brown: A rock of stability

Monday, 13, Oct 2008 12:00

Gordon Brown, prime minister, comments on the part-nationalisation of several UK banks:

"The last few days we've shown we're determined to take the far-reaching decisions needed to take hardworking families through difficult times.

"The action we are taking is unprecedented but essential for all of us. It's something that matters for every family in business in Britain.

"We must be the rock of stability on which the British people can depend.

"British banks are being strengthened today through the injection of new capital. There's not a bank in the world that hasn't been affected, but in this time of uncertainty we want British banks to be the strongest in the world.

"The government won't be a permanent investor. In the meantime, our shares will be held at arms length. We are laying down conditions to make sure the taxpayer gets a fair deal. Our actions will be driven by our values.

"We have secured strong commitments to restore the availability of loans for home buyers. The taxpayer will secure a full and fair share of the upside that will arise over time.

"To let the chips fall where they may would be a failure of leadership. If we pull together as a country we can come through these times stronger, not weaker.

"Confidence about the future is needed for confidence today."