UK banks 'forced to seek £50bn'

"What a sorry end to Britain's longest ever period of unbroken economic growth" Robert Peston, BBC business editor

Up to £50bn of taxpayers' cash is to be injected into four of Britain's biggest banks through the government's rescue package, the BBC has learned.
Royal Bank of Scotland (RBS), HBOS, Lloyds TSB and Barclays are being told by Treasury officials to seek the cash to shore up their balance sheets.
An announcement is planned before the markets open on Monday, according to BBC business editor Robert Peston.
On top of the cash to be raised by HBOS, Mr Peston said RBS is likely to get in the region of £20bn and Lloyds TSB about £5bn.
Barclays was under pressure from the Treasury, Bank of England and Financial Services authority to raise up to £8bn, he added.
The investment is part of the £500bn plan to rescue Britain's banks which was announced last week. More...