The Treasury has formally announced a scheme to allow banks to exchange cash or shares for a Government guarantee on their "toxic" debts, transferring any losses they suffer from the banks to the taxpayer.
However, the Chancellor admitted he can't estimate how much taxpayers' money will needed in the latest bailout.
"We're doing it, because if the banking system collapsed, every single one of us, the economy would come down with it. I don't think anyone would argue you ought to let that happen," he said.
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