UK’s Chancellor Darling on the Wires

Written March 26, 2009 at 6:57 AM EST by  

UK Chancellor Darling: Fixing banks is a prerequisite for recovery, Goverment must continue to support economy

- Says BoE’s King supports Goverment’s fiscal stimulus
- UK in ‘severe’ economic downturn; have already made ‘substantial stimulus’
- Says Germany also is experiencing serious downturn
- Cap or regulation of interest rate would not work
- Quantitative easing is essential in securing employment around the world
- Says Japan (in the 1990s) made the mistake of not dealing with bad assets

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