British PM Rebuffs New Bailout Proposal
During an interview, British Prime Minister Gordon Brown has expressed his plan not to allow another bailout for the banking sector, adding that there are other ways in which the government can help this struggling industry.
Few months ago, the state provided bailout cash to banks struggling to its feet, but despite this, some analysts suggested the government’s action was a palliative ploy.
British Prime Minister Gordon Brown rebuffed new bailout plan for banking sector in an interview on Sunday, despite fears that government’s assistance is not enough to keep the struggling industry afloat.
In an interview with Observer newspaper, Brown said that his government is considering other alternatives to help struggling banks, adding that injecting cash to this industry may not be overall beneficial and saying this is not part of the state’s agenda.
Instead of injecting more cash to bank sectors, Brown proposed other measures to allow this institution to resume its lending activities.
On Friday, the Bank of England warned the public that October’s bailout has failed to improve credit flows in the country, forcing banks to reduce lending to people and companies for the next succeeding months.
According to reports, finance minister Alistair Darling is planning alternative measures to help the financial institution including trading bad loans for government bonds.
In October last year, the government released €47 billion (approximately US$64 billion) bailout to help three struggling British banks.
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