Britain to partially nationalize largest banks

U.K. Prime Minister Gordon Brown decided to pour as much as £50 billion of taxpayer money into the banking system to avoid collapse. Main recipients of the scheme are expected to be Barclays, Royal Bank of Scotland and Lloyds TSB. The rescue comes after shares in RBS plunged 39% on Tuesday and 20% on Monday. HBOS, which is being acquired by Lloyds, tumbled 41%. Details of the scheme were still being hammered out before Brown's announcement this morning.

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