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Lehman Brothers ban collapse threatens thousands of jobs
Sep 15 2008 by Alistair Houghton, Liverpool Daily Post
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Barclays reportedly walked away from a Lehman rescue deal after failing to obtain guarantees over Lehman’s financial commitments.
The bank considered a merger but decided it “was not in the best interests of Barclays shareholders”.
Prime Minister Gordon Brown's spokesman said the Treasury, Bank of England and Financial Services Authority were in ``very close contact'' with their US counterparts and other international bodies and Mr Brown had been kept informed of developments over the weekend.
Speaking at a regular daily briefing of reporters at Westminster, the spokesman said: “What the events of this weekend have once again demonstrated is that there are challenges affecting financial markets in every country across the world.
“These are clearly challenging global market conditions, as the Prime Minister and Chancellor and others have been making clear.
“But, as they both have been making clear, the UK economy is better placed than it has been in the past to deal with these global challenges in this difficult period.”
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