Darling to unveil banks rescue deal

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Following talks on Tuesday with Bank of England Governor Mervyn King and Financial Services Authority chairman Lord Turner, Mr Darling said he would full release full details before markets open on Wednesday morning.

"The Bank of England has been putting substantial sums into the market today (Tuesday) and it is ready to do more when that is needed," he said in a brief holding statement.

"We have been working closely with the Governor of the Bank of England, the Financial Services Authority and financial institutions to put banks on a longer term sound footing.

"I intend to make a statement before the markets open and I will be making a further statement to the House of Commons later in the day."

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, Gordon 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 came 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.