An opposition politician has described the UK government's bail-out plan as consisting of "stunts and wheezes". This may be unfair but it highlights a tendency among governments battling with defective banks to be over-complex and to play politics rather than focus on simple financial solutions. UK prime minister Gordon Brown claimed to be leading the world with the recapitalisation of the UK banking sector last October, and the move was indeed laudable for its boldness. But three months later, with bank shares still in freefall and lending stalled, there was clearly a need for more action.
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