The UK’s Prime Minister’s Spokesman has been giving update on the stability and reconstruction programme the government has for financial sector. According to the spokesman the programme is divided into two fold; first the Prime Minister will travel to different parts of the country to explain to the British public the action that has been taken by the government and the reason why such action are being done. Second, the Prime Minister will continue to work with other international partners to create a coordinated international response to the present global financial situation.
UK being a member of the International G8 group should participate in the council meeting that will be held once a month. The Prime Minister together with other international partners discusses the proposed lending model that will be implemented throughout Europe. Icelandic banks are in the brink of financial meltdown and the government are having difficulty finding the clarity from the bank authorities about the position of all UK depositors in the bank. The Treasury had been making clear to Icelandic that they are ready to discuss this issue with other local authorities to look if there is way through. The funds and financial assets of Icelandic Bank were frozen in order to protect creditor’s interest. The Prime Minister wants to ensure that the depositors and creditors were protected so he set a date to talk to Icelandic government about this matter. But the government was not able to gain clarity on the real position of the bank.
