Britain's eight biggest banks will be saved from collapse by their own government, in a rescue plan to save the country from the global financial turmoil.
The $88 billion package will see the banks hand over major shares to the government, and in exchange have access to short term loans.
British Prime Minister Gordon Brown says in the face of the Wall Street nightmare this had to be done.
“The problems that started in America have now hurt every banking system in every continent of the world.
“The global financial market has ceased to function – putting in danger the necessary flow of money to businesses and families, on which all of us depend in our daily lives.”