PRAISE FOR GORDON BROWN AND ALISTAIR DARLING

As the Government takes decisive action to ensure the financial stability of the UK economy, Stafford’s Labour MP David Kidney says we are leading the way in finding global solutions:

“These are immensely challenging times for the world economy as the worst financial crisis for generations combines with the surge in oil, food and other commodity prices. This affects every country – and demonstrates the need for new ways of maintaining economic stability and regulating financial markets. Just as no government on its own can combat global terrorism or tackle climate change, so no government alone can stop the current turmoil.

“The immediate priority has to be stability. So I was impressed with our Government’s three-point plan to help UK banks and building societies restore adequate capital funding, have access to sufficient funds to be able to lend again and to ensure that the banking system does then get back to lending – responsibly – to British businesses and home buyers.

“As we should expect, Gordon Brown and Alistair Darling assessed the options, consulted as quickly as possible and then announced a plan that has been widely praised. As we now turn to see how other governments around the world react, it is a compliment to our political leaders that others are calling for action like the “UK plan”.

“Our Government continues to take decisive action to ensure financial stability of the UK financial system as the moves to protect the interests of depositors of Icelandic Banks and taxpayers amply demonstrates. To safeguard the savings of ordinary depositors, the Government has ensured that all retail depositors in these Icelandic banks will receive their money in full and the Government is doing everything it can to help councils and charities to ensure the safety of the funds they currently have at risk.

“We’re working hard to recover deposits through the Icelandic banks that are currently in administration in the UK – Kaupthing and Heritable -   and following up on the swift and decisive action to freeze assets related to Landsbanki, owners of Icesave.”