Britannia Radio

Congress Rejects Bail-Out Plan

Sky News
Monday, September 29, 2008

The House of Representatives has voted against the $700bn bail-out plan for the US economy - sending the Dow Jones plummeting.

The Dow Jones immediately crashed by 6% on the news.

Earlier, in London, banks including HBOS, Lloyds TSB and RBS were among the FTSE 100’s biggest fallers.

The index of the UK’s top 100 companies closed down 5.3% at 4818.8 - the lowest it’s been since April 2005.

As concerns about the bail-out grew, central banks agreed to pump an extra $630bn (£350bn) into the money markets to restore confidence in the system.