Banking protection plans unveiled

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A discussion paper looking at increased guarantees for savers in the case of a bank collapse was launched by Mr Darling in a statement to the House of Commons.

The move comes a month after the first run on a UK bank in more than 150 years. Northern Rock's savers queued to make panic withdrawals when the mortgage lender was forced to agree emergency funding from the Bank of England.

Legislation will be introduced in the next Parliamentary session to establish a new savings regime.

"This regime would mean depositors are insulated from a bank that has failed, greater compensation for them and certainty their compensation can be paid out quickly," Mr Darling said.

The Government has already introduced 100% protection for savings up to £35,000 after the run on the bank. This was extended to cover new savers this week.

Mr Darling confirmed that this was just an "initial step towards more comprehensive change" in his statement to MPs.

The Chancellor has previously called for protection for up to £100,000 of savings, although banks are reportedly opposed to a level this high.

Mr Darling also today defended the Bank of England and the Financial Services Authority (FSA), which have faced criticism over their handling of the crisis.

The Chancellor said that the two bodies should maintain their responsibilities to ensure financial stability and bank supervision, although he was willing to make "whatever practical improvements are needed".