Tories offer to help PM with crisis

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As the US Congress rejected a 700 billion dollar (£385bn) rescue plan for ailing banks, Mr Cameron took time out from the Tory conference to speak to the Prime Minister on Monday night.

Mr Cameron said that the refusal of the House of Representatives to endorse the controversial bailout plan was "very worrying". But he promised a more consensual approach to similar matters in the House of Commons.

"What I've said to the Prime Minister is that we as a responsible opposition absolutely stand ready to help pass legislation if that is necessary," he told GMTV.

"We know there is legislation on bank regulation that needs to go through and as soon as Parliament comes back on Monday we are ready to help with that.

"What matters is that everybody does what they can to ensure there is the stability to ensure there is stability in our financial system and I think that the Prime Minister will welcome the support that others are giving for that."

The Tory leader said he would still ask "important questions" about legislation while helping to get necessary measures on to the statute book.

He called for a new scheme which "absolutely safeguards" deposits in banks and building societies. And he criticised the Government for only pulling together a deal on the mortgage lender Bradford & Bingley a year after it began to get into trouble.

"Everyone has known for a year about its difficulties, but it was only at the last minute that a deal was put together," he said.

"Also we've been saying that the need for legislation so that you can have a Bank of England rescue for these organisations rather than take them onto the national books and nationalisation so that we're all liable, we think that would be a better approach."