Britain bails out banks

The British authorities on Wednesday pledged to spend up to £50 billion ($86 billion) in taxpayer funds to recapitalise its beleaguered banking industry, shares in which have plummeted in recent days.

The UK Treasury said on Wednesday it will set up a scheme allowing banks to raise capital through the issuance of special preference shares to the government. The eight major UK banks have pledged to raise £25 billion in total by the end of the year through the scheme, with the Treasury saying a

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