Brown hosts economic crisis talks

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The Prime Minister's spokesman said Mr Brown, together with Chancellor Alistair Darling, would meet governor Mervyn King and FSA chairman Lord Turner of Ecchinswell.

The spokesman denied that it was an emergency meeting and said the talks would look at both the "ongoing action" the authorities were taking to stabilise the financial system and their proposals for long-term reform.

The Prime Minister earlier reaffirmed his determination to "take whatever action is necessary" to maintain the stability of the financial system in the face of the latest market turmoil.

Following a Cabinet meeting, Mr Brown's spokesman said: "He reiterated that the Government is ready to take whatever action is necessary to get the country through this challenging period for the global economy."

Meanwhile, business leaders piled on the pressure for a deep rate cut as Bank of England policymakers prepare their response to the worst financial turmoil in living memory.

Virgin billionaire Sir Richard Branson called on the Bank's Monetary Policy Committee (MPC) to slash rates as much as 1% when it votes on Thursday.

The call comes after both the British Chambers of Commerce - which warned that the UK is already in recession - and the CBI business group both pressed for 0.5% cuts.

The MPC has held rates at 5% since April because of inflation fears but the unprecedented chaos in financial markets has sent shockwaves through the banking system and threatens to tip the UK into a deep recession.