The Chancellor, Alistair Darling has announced details of the much anticipated rescue package for the banking system worth an initial £25bn and could increase to as much as £50bn.

This will initially make the extra capital available to eight of the UK’s largest banks and building societies namely; Abbey, Barclays, HBOS, HSBC, Lloyds TSB, Nationwide Building Society, Royal Bank of Scotland and Standard Chartered. (more…)