Gordon Brown's pledge to raise the amount of savings protected in a banking failure to £50,000 may not be enough to restore confidence in Britain's banks, senior industry executives have warned the Government.
The Independent reports senior bankers are pressing the Government to guarantee in full more than £2trn worth of deposits, protecting all UK bank creditors completely. The Prime Minister revealed last night that legislation this month will raise the maximum payout from the Financial Services Compensation Scheme from its current level of £35,000 to £50,000. However, with signs that the credit crisis is worsening, the Treasury is now coming under pressure to match the pledge made by the Irish government yesterday, which promised to stand behind all deposits held by Ireland's six largest b...
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