PM doing 'everything' for stability

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Mr Brown said the "decisive" action taken by the Government was designed to ensure "investor confidence" in the future.

Speaking in Downing Street following talks with Georgian Prime Minister Vladimir Gurgenidze, Mr Brown said: "One thing is absolutely clear - we will do everything in our power to ensure the stability of the system.

"Everything that we are doing is designed to ensure that there is investor confidence in the future."

Mr Brown highlighted the fact that the Financial Services Authority had banned "short-selling" of listed financial firm stocks - in which traders look to profit from falling share prices - to try to quell the turmoil in the market.

He said: "We took decisive action working with HBOS and Lloyds TSB. We also took decisive action yesterday, the Financial Services Authority acted on short selling.

"We are now working with our international partners about broader intervention we are in a position to take.

"The central banks have joined together to find liquidity for the system. I am talking to president Sarkozy about some of the measures the European Union can take together.

"The Chancellor is talking to the American Treasury Secretary about how we can work together to deal with the problems that we face in the economy."

He added: "Every problem that we have dealt with, we have dealt with in a way that is both decisive and designed to bring that stability into the system. We will continue to have talks with our international colleagues over the course of the next few hours."