Darling pledge over bank deposits

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At a joint Downing Street press conference with Mr Brown, the Chancellor said savers should be reassured by the Bank of England's promise to make sure that banks had the funds they needed.

At the same time, the Financial Services Authority said it was extending the guarantee to depositors in British banks from £35,000 to £50,000.

"That will make a difference and I believe that it will go a long way to assuring people that their deposits are safe," he said.

"I have made it clear in addition to that on countless occasions and again I make it clear that our priority is to do everything we can to stabilise the financial situation and protect depositors.

"I mean it when I say I will do whatever it takes to make sure that that happens."

Mr Brown said he believed that other countries would soon follow Britain's example in setting up a National Economic Council, made up of key ministers, to co-ordinate policy across government.

"My sense is that in a few months' time all governments around the world will be taking similar action to the action we are taking today," he said.

"Quite simply, the new era that we have entered requires new ways of governing. We don't just need to change policies to deal with the new financial difficulties but the way we take decisions, the way we govern, has got to change as well."

Chaired by the Prime Minister, the council will meet twice a week, starting on Monday, to assess the implications of ongoing problems in the financial markets and the impact of global commodity price fluctuations on the UK economy.