{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='WRAP PM announces rescue plan for UK banks ADDS Darling leaving, more' data-url='/boclips/videos/5c54bea3d8eafeecae13d2ba' data-video-url='/boclips/videos/5c54bea3d8eafeecae13d2ba' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nWRAP PM announces rescue plan for UK banks ADDS Darling leaving, more\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eOctober 8, 20081. Low angle view of the Bank of England 2. Close-up of newspaper; headline reads: (English) \"Going for Broke\"3. Man handing out newspapers outside Bank underground station October 8, 20084. British Prime Minister Gordon...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eOctober 8, 2008\u003cbr/\u003e1. Low angle view of the Bank of England \u003cbr/\u003e2. Close-up of newspaper; headline reads: (English) \"Going for Broke\"\u003cbr/\u003e3. Man handing out newspapers outside Bank underground station \u003cbr/\u003eOctober 8, 2008\u003cbr/\u003e4. British Prime Minister Gordon Brown and Chancellor of the Exchequer Alistair Darling entering news conference\u003cbr/\u003e5. SOUNDBITE: (English) Gordon Brown, British Prime Minister:\u003cbr/\u003e\"The governor of the Bank of England is extending and he is widening the provision of short term liquidity.  Loans under the special liquidity scheme will be increased from 100 (b) billions pounds to at least 200 (b) pounds and the Bank will also now bring forward proposals for a permanent facility.  Secondly, to ensure the long-term health of the British banking system we are today offering to support banks in raising additional capital by investing directly through preference shares or, at their request, by assisting them by raising ordinary shares.  The largest banks have committed that they will increase their capital by 25 (b) billion which we will make available to them if they so wish.  In addition we will provide at least another 25 (b) billion.  We, the Bank, and the FSA (Financial Services Authority) are determined that UK banking should be strong and secure.\" \u003cbr/\u003e6. Cutaway wide of Brown and Darling\u003cbr/\u003e7. SOUNDBITE: (English) Gordon Brown, British Prime Minister:\u003cbr/\u003e\"As people will now know we are are taking legal action against the Icelandic authorities to recover the money lost to people who deposited in UK branches of its banks. The Chancellor is saying today that he will stand behind the deposits of these customers.  We are showing by our actions that we stand by people who save in Britain.\" \u003cbr/\u003eOctober 7, 2008\u003cbr/\u003e8. Various exteriors of London branch of Iceland's Landsbanki\u003cbr/\u003eOctober 7, 2008\u003cbr/\u003e9. Various of website of Landsbanki with message to clients \u003cbr/\u003eOctober 8, 2008\u003cbr/\u003e10. Wide of Darling and Brown addressing media\u003cbr/\u003e11. SOUNDBITE: (English) Alistair Darling, British Chancellor of the Exchequer:\u003cbr/\u003e\"I'll just say this, that we are going through a period of extraordinary turbulence in every part of the world.  Every single country is being affected.  Now what we wanted to do here is to make sure that firstly we stabilised the position which is why we've put more money into the system, through the Bank of England.  Secondly, to make sure that we can encourage and help banks rebuild up their capital position.  They can either do that through conventional means, on the money market, or through the special fund of 25 (b) billion pounds now with an additional 25 (b) billion pounds should that be necessary.\" \u003cbr/\u003eOctober 8, 2008\u003cbr/\u003e12. Darling leaving, media surrounding him as he gets into car\u003cbr/\u003eLondon Stock Exchange\u003cbr/\u003eOctober 8, 2008\u003cbr/\u003e13. Aerial of London Stock Exchange as balls rise signifying opening of market \u003cbr/\u003e14. Wide of electronic stock boards \u003cbr/\u003eOctober 8, 2008\u003cbr/\u003e15. Wide of traders at CMC Markets\u003cbr/\u003e16. Electronic stocks boards showing FTSE index and charts\u003cbr/\u003e17. Mid of trader\u003cbr/\u003e18. SOUNDBITE (English): James Hughes, Market Analyst, CMC Markets:\u003cbr/\u003e\"There has been a 50 (b) billion pound bailout programme for the big banks in the UK.  The Bank of England have offered another 200 (b) billion in liquidity to help bailout the banks as well.  So it's an absolutely monumental amount of money that's been put into this.  What it means for the taxpayer, it's around two thousand pounds for every person.\" \u003cbr/\u003e19. Traders\u003cbr/\u003eOctober 8, 2008\u003cbr/\u003e20. Wide of Bank of England \u003cbr/\u003e21. SOUNDBITE: (English) Vox Pop, No Name Given:\u003cbr/\u003e\"I mean nationalisation of banking is the last thing you want to see but it might actually be a necessary step but it's definitely the last thing you want to see today.\" \u003cbr/\u003e22. Close-up tilt-down of newspaper; headline reads: (English) \"Banks to fall under state control\"\u003cbr/\u003e23. Close-up pan of newspapers; headlines read: \"�50bn bid to save banks\" and \"Taxpayers on hook for �50bn bailout\"\u003cbr/\u003eAP Television\u003cbr/\u003eOctober 7,  2008\u003cbr/\u003e24. Wide of Royal Bank of Scotland (RBS) branch\u003cbr/\u003e25. Person using RBS cash machine\u003cbr/\u003eOctober 1, 2008\u003cbr/\u003e26. Wide exterior of Barclays bank\u003cbr/\u003e27. Person using Barclays bank cash machine\u003cbr/\u003eOctober 7, 2008\u003cbr/\u003e28. Various of London skyline \u003cbr/\u003eThe British government said on Wednesday it would partly nationalise major banks, with taxpayers taking a share stake in a bid to shore up a financial sector that many investors feared could not survive the global turmoil without government help.\u003cbr/\u003eA half hour before markets opened on Wednesday, the Treasury said it would be investing up to 50 (b) billion pounds (87.5 (b) billion US dollars) in exchange for preference shares in eight of the county's largest banks and building societies: Abbey National PLC, Barclays PLC, HBOS PLC, HSBC Bank PLC, Lloyds TSB Bank PLC, Nationwide Building Society, Royal Bank of Scotland and Standard Chartered Bank.\u003cbr/\u003ePrime Minister Gordon Brown billed it as a \"radical\" plan to stabilise banks so that they could resume normal lending and other operations, rather than trying to buy up bad assets as the United States is doing.\u003cbr/\u003eThe government also offered up to 200 (b) billion pounds (350 (b) billion US Dollars) in short-term lending support.\u003cbr/\u003eThe rescue plan comes a day after British banks' stock prices plummeted on investor fears that they wouldn't be able to get through the global financial turmoil without help.\u003cbr/\u003eOn Tuesday, shares in the Royal Bank of Scotland Group PLC, the country's third largest bank, plummeted by 39 percent to close at 90 pence (1.58 US dollars), HBOS PLC closed down 41.5 percent at 94 pence (1.65 US dollars) and Lloyds TSB Group PLC dropped 13 percent to 225 pence (3.96 US dollars).\u003cbr/\u003eBritish Chancellor of the Exchequer, Alistair Darling, said the government was responding to exceptional circumstances.\u003cbr/\u003e\"I'll just say this, that we are going through a period of extraordinary turbulence in every part of the world.  Every single country is being affected\" Darling said at a news conference in London on Wednesday morning.\u003cbr/\u003eHe said the government was \"absolutely not\" seeking to take control of the banks.\u003cbr/\u003eDarling also announced that the government would guarantee British savers' accounts in Icesave, the Internet operation of Iceland's Landsbanki which was nationalised on Tuesday, but details were not spelled out. Icesave suspended its operations on Tuesday.\u003cbr/\u003eBrown said the government was taking legal action against Icelandic authorities to recover funds deposited in British branches of Icelandic banks.\u003cbr/\u003eThe Treasury also said the Bank of England would be expanding its Special Liquidity Scheme to facilitate short-term borrowing and help to free up credit markets. \u003cbr/\u003eUnder the expansion, it will make at least 200 (b) billion pounds (350 (b) billion US dollars) worth of three month loans available to the country's banks.\u003cbr/\u003eMarket Analyst, James Hughes, said the bailout will cost the British taxpayer around two thousand pounds for every person.\u003cbr/\u003eThe market largely welcomed the Treasury's move, and banks' share prices began stabilising and recovering in early trading.\u003cbr/\u003eHBOS jumped 20 percent, although the Royal Bank of Scotland fell 10 percent.\u003cbr/\u003eThe rescue plan marks a sharp turn in the fortunes of Britain's proud banking sector, which until this week seemed to be more immune to the global financial crisis than America's beleaguered financial institutions.\u003cbr/\u003eJust three weeks ago, Barclays snapped up the US banking operations of Lehman Brothers, the collapsed Wall Street giant.\u003cbr/\u003eOn September 18, Lloyds TSB announced that it intended to take over HBOS in a government arranged commercial rescue of the country's biggest mortgage lender.\u003cbr/\u003eRoyal Bank of Scotland led a consortium which last year swallowed Fortis Dutch bank ABN Amro Holding NV for 72 (b) billion euros (98 (b) billion US dollars).\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead 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