Northern Rock crisis easing

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The queues of worried investors waiting to withdraw their savings were sharply down on previous days after Chancellor Alistair Darling's dramatic Monday night announcement that the Government would guarantee their deposits.

In his first public comments since the crisis broke last week, Mr Brown said: "Everything that can be done will be done and is being done to maintain the stability of the economy.

"We are an economy that will continue to grow, continue to create jobs, continue to have low inflation. everything that has been put in place in the last two days is designed to ensure that."

Mr Brown was speaking after attending a "citizens' jury" in Birmingham on the future of the NHS, where he met staff and patients. "We are dealing with international events," he said. "The US mortgage problems have spread to Germany, and are now having an effect in Britain, and on Northern Rock."

He said the Government had taken the measures necessary to create a stable economy, and introduced regulatory procedures to allow the Chancellor to take decisive action to deal with the crisis.

Earlier, the Financial Services Authority (FSA) said it was now looking at ways of strengthening the system of compensation for depositors in order to prevent any repeat of the catastrophic loss of confidence which hit Northern Rock.

On the markets there was a recovery in banking stocks as the Bank of England announced a £4.4 billion cash injection to ease the pressure on lending rates between banks. Shares in Alliance & Leicester, which plummeted by 31% last night on a false rumour that it had applied to the Bank for emergency credit, recovered all their losses.

Northern Rock shares were also up on the day, although they have still not recovered from the losses of Friday and Monday. Most analysts believe that it will be bought up by a rival bank.

Mr Darling, who held talks today with the Bank and the FSA to assess the situation, confirmed similar support would be offered to any other bank hit by the turmoil caused by the collapse of the sub-prime mortgage lending market in the United States.