Bank shares go into freefall

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Northern Rock was pushed to the brink of extinction by savers withdrawing their money amid fears that the panic could spread to other banks.

Chancellor Alistair Darling admitted his job was on the line as the share prices of high street banks fell heavily. Northern Rock's share price dropped by 31 per cent in minutes as thousands queued to take out their cash. Former building societies such as Alliance and Leicester and Bradford & Bingley were also hit. Northern Rock customers have withdrawn more than £2 billion since Friday's admission that it needed emergency funds from the Bank of England.

The only prospect of it surviving is if another bank comes to its rescue but none was on the horizon today.

Mr Darling, left, tried to restore confidence by insisting that all Northern Rock savers would get their money. But asked if his own reputation was "on the line", he replied: "It is, I'm afraid, yes." Tory leader

David Cameron said Gordon Brown's reputation for prudence was now in question. Leading financial analyst Mark Dampier said of Northern Rock: "The whole thing has gone. Nobody can trust the company's board now."