Bank shares rocket after £100bn stimulus package

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UK bank shares have jumped following last night's announcement of a £100bn stimulus package for the UK economy.

The BoE and the government are set to provide billions of bounds of cheap credit to banks which they can then lend to companies, in an effort to insulate the economy from the impact of the eurozone crisis. The new measures will see the banks given funding from the Bank of England below market rates, providing they sustain or increase lending to non-financial businesses. The additional liquidity sent bank shares soaring this morning. Shares in the Royal Bank of Scotland are up 7.13% to 246p, while Lloyds is ahead 6.18% at 31.59p. Barclays is 3.75% steeper at 300p. The wider FTSE ...

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