|
 LONDON (AP) - Prime Minister Gordon Brown insisted the British economy remained strong Tuesday while worried depositors lined up for the third consecutive day to withdraw money from one of the nation's largest mortgage lenders.
Brown's first comments on the woes of Northern Rock PLC came amid a highly visible and orchestrated effort from government ministers to dissipate public panic. The government on Monday vowed to back all savings held by held by the bank in an attempt to end a sustained run on the institution with roots dating back to 1850.
The central bank announced Tuesday that it had pumped 4.4 billion pounds ( $8.8 billion) into money markets, in the form of a two-day securities repurchase agreements.
|