City partners have shrugged off their free market principles to support the UK Government's historic £400bn bank rescue package that will see the state partially nationalise swathes of the UK financial system. The latest Legal Week Big Question survey found that City lawyers are entirely in tune with the mood of the times - which has seen the UK Government rapidly shift towards policies that would have been unthinkable a few weeks ago - in the wake of prolonged market turmoil.More than a quarter of respondents (27%) said the proposals announced last week to inject up to £50bn of public funds capital directly into banks were 'very much' justified, while a further 50% of respondents viewed such a stance as 'justified'.
October 16, 2008 at 04:03 AM
1 minute read
The original version of this story was published on Legalweek
City lawyers cast aside dogma to discover their inner Keynesian as profession swings behind dramatic move to take major banks into state hands. Emma Sadowski reports
City partners have shrugged off their free market principles to support the UK Government’s historic £400bn bank rescue package that will see the state partially nationalise swathes of the UK financial system.
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