Davos, Switzerland (FT) -- Alistair Darling said on Friday that Britain would not join any European effort to bail out Greece but pledged not to use differences in global financial regulations to promote the City of London.
Banks will be hit by a 50 per cent tax on bonus pay-outs, Alistair Darling, the chancellor, said in his pre-Budget report, in a move that will inflame bankers but is likely to be welcomed by the general public.
The British Treasury has warned top bankers at Royal Bank of Scotland not to expect bumper bonuses next year, as Finance Minister Alistair Darling prepares to get tough with those staff who do not "get" the new political and financial landscape.
Key players in the Group of 20 refused to support a plan create an insurance fund to pay for bailouts if governments have to step in again to save giant businesses on the brink of collapse.
British Prime Minister Gordon Brown told a meeting of G-20 ministers in his home region in Scotland Saturday that the public must be protected from the failure of the banking system in future.
Alistair Darling on Monday urged bankers to show restraint in the new year bonus season, telling them to apply immediately a code agreed at the G20 in Pittsburgh instead of waiting for new legislation.
Britain's finance minister believes the UK economy will emerge from recession within the next few months.
Finance ministers from the G-20 nations meeting in London have reiterated their commitment to coordinated action to tackle the global economic crisis and agreed on the need for tougher rules on banking bonuses.
Finance ministers from the G-20 nations meeting in London have reiterated their commitment to coordinated action to tackle the global economic crisis and agreed on the need for tougher rules on banking bonuses.
The head of Britain's top banking watchdog supports the idea of new global taxes on financial transactions, warning that a "swollen" financial sector paying excessive salaries has grown too big for society.
The Bank of England announced plans Thursday to pump another £50 billion ($84 billion) into the UK economy in a fresh effort to steer the country out of a recession which it admitted had been "deeper than previously thought."
Budget airline Ryanair announced plans Tuesday to cut its winter flights schedule from its main UK hub, blaming a collapse in the British tourism industry, rising airport costs and "insane" aviation taxes.
British Prime Minister Gordon Brown issued a defiant response to calls for his resignation Friday saying he "will not walk away" despite heavy election losses and a raft of high profile resignations that forced a Cabinet reshuffle.
Britain's finance minister on Wednesday said the country's economy is facing its worst year since World War II as he unveiled measures including higher taxes for top earners in an annual spring budget aimed at countering recession.
Top executives of leading international banks were meeting the British prime minister and treasury chief Tuesday to discuss kick-starting the global financial system ahead of next month's G20 summit.
Recession fears and expectations of sharp interest rate cuts by central banks in Europe sent the dollar soaring against the euro and the pound Friday, but the U.S. currency tumbled against the yen.
The Dow Jones bounced Friday after plunging nearly 700 points on the back of world markets which have seen trillions wiped off their value as the financial crisis continues to rock confidence.
Financial analyst Todd Benjamin gives some insight on the downturn of global markets.
Why has the UK government decided to inject nearly $90 billion of taxpayers' money into banks and lend them a further $350 billion?
Nikkei closes down approximately 9.38% according to initial closing numbers. CNN Kyung Lah has the latest.
Global markets turned sharply lower Wednesday, despite emergency action by global central banks that had initially calmed skittish investors.
Prime Minister Gordon Brown faces the tough job of restoring trust in a severely battered sector
Britain on Wednesday announced an $87.4 billion rescue package for its troubled banking sector.
Federal Reserve Chairman Ben Bernanke warned that the outlook for economic growth has worsened.
CNN's Sasha Herriman reports on U.K.'s Bradford and Bingley's financial troubles as well as the woes of Dutch bank, Fortis.
Mortgage lender Bradford & Bingley confirmed Monday it is to become the second bank nationalized by the British government since the financial crisis began.
AIG bailed out
updated: Thu Sep 18 2008 05:32:00
The Federal Reserve Board lends as much as $85 billion to rescue American International Group.
The European Central Bank and the Bank of England left their key interest rates unchanged, reluctant to move them lower as rising prices offset the fear of weaker growth and recession
The Bank of England leaves interest rates unchanged as new figures show a bleak economy. ITN's James Blake reports.
The UK is facing the worst economic conditions for 60 years and the current crisis will be "more profound and long-lasting" than expected, British finance minister Alistair Darling warned Saturday.
The British government said Monday that struggling mortgage lender Northern Rock would remain nationalized until the current financial climate improves.
There's a vigorous shopping season in the UK despite gloomy predictions. ITN's Chris Choi reports
British Prime Minister Gordon Brown apologized Wednesday for the government's loss of two computer discs containing the personal data of 25 million people, saying there was no excuse and promising a review of data procedures.
Personal data for 25 million people in the UK child benefit database is lost. ITN's Phil Reay-Smith reports
Britain will guarantee the security of personal savings accounts at all banks up to $70,000 (£35,000), the government said Monday, matching the security extended to Northern Rock customers during last month's run on deposits.
The British government is to guarantee all existing deposits at troubled bank Northern Rock, Treasury Chief Alistair Darling said Monday.
Ripples from the U.S. housing crisis are washing away a major British lender. CNN's Alphonso Van Marsh reports.
Customers lack confidence in Northern Rock despite a guarantee from the Bank of England. ITN's Nima Elbagir reports.
Shares in embattled British bank Northern Rock slid further on Monday, with the stock opening 31 percent lower after tumbling by a similar amount last week.
The Bank of England has taken the unusual move of bailing out a key mortgage lender, as the global credit crunch threatened to claim its latest victim, sending European markets reeling.
The long boom that has sustained the Labour Party in power may be winding down, but the landing is unlikely to be hard
A "Darling" choice by Britain's new Prime Minister, but a few other names that the U.S. may not find so sweet.
The U.S. demand that armed air marshals be stationed on some U.S.-bound flights has prompted deep concerns among British pilots and staunch opposition to the move by two other airlines.
After three consecutive days of 3 1/2 hour delays, British Airways Flight 223 has left London heading for Washington after only a two-hour delay.
The delays and cancellations of several British Airways flights in the last week were justified by specific threats, according to the U.S. official in charge of security.
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