The US is reportedly considering part nationalising its biggest banks, a plan that bears a remarkable resemblance to the UK’s £400bn rescue package. When Gordon Brown claimed he had “led the world” on Wednesday, he meant it. Indeed, when he made that boast, you have to assume he knew what the Bush administration was up to.

The timing is interesting. Over the weekend, officials were guiding us away from expecting any proposals this week. The chaos in the markets forced their hand. We’ve assumed they wanted more time to work through the details. But could there be an additional reason?

There is a G7 meeting of finance ministers coming up. Were they preparing for a simultaneous announcement? A world super-bailout? International Rescue? Just a thought.

October 9, 2008 11:12am in Alistair Darling, Banks, Gordon Brown, UK economy | Comment