The big story tomorrow is likely to be the government moving ahead with the part-nationalisation (or something similar) of Britain’s banks. This move (£40bn? £50bn?) could come even before the stock market opens in the morning, I’m told.
The state taking preference shares in Britain’s banks would be an astonishing sign of the times. UPDATE: Here is the story on ft.com. Read more
Over at the Spectator Coffee House, Andrew Neil has reported that Iceland “may look kindly” on Russian requests to use naval facilities on the island in return for a multi-billion pound injection of capital to help Iceland stave off bankruptcy.
Tom Braithwaite, our man in Reykjavik, has just put the claim to an Icelandic official, who appears as shocked by the story as we were. Read more