The Treasury was under pressure last night to guarantee the savings of all depositors in British banks after Germany announced it was following the lead of Ireland and Greece and offering a blanket guarantee on all savings - currently worth €568bn (£440bn). Late last night Denmark followed suit. Britain had just agreed to raise its maximum level from £35,000 to £50,000, but may now need to take more radical steps to avoid a flight of savings. British officials were furious with the German chancellor, Angela Merkel. They said she gave no indication of the move at a summit in Paris on Saturday designed to coordinate a European response to the economic crisis. The Treasury was last night trying to establish the implications of the German move
The Treasury was under pressure last night to guarantee the savings of all depositors in British banks after Germany announced it was following the lead of Ireland and Greece and offering a blanket guarantee on all savings - currently worth €568bn (£440bn). Late last night Denmark followed suit.
Britain had just agreed to raise its maximum level from £35,000 to £50,000, but may now need to take more radical steps to avoid a flight of savings.
British officials were furious with the German chancellor, Angela Merkel. They said she gave no indication of the move at a summit in Paris on Saturday designed to coordinate a European response to the economic crisis. The Treasury was last night trying to establish the implications of the German move
