Worldwide shares have risen this morning on the news that a revised plan for the $700 billion US bailout plan will be voted on later today. The US Senate is due to meet and vote on the revised plan, and it is hoped that the changes are enough to get the bill passed.
The bailout plan is similar to the one that was rejected by the US House of Representatives earlier this week, but now includes a new clause that will raise the guarantee on savings from $100,000 to $250,000. For the revised plan to be passed by the Senate, it must be backed by at least 60 out of the 100 senators. Then the plan will be taken back to the House of Representatives at their meeting on Thursday.
UK shares sore a rise on the impending US Senate vote, and were also bolstered by the news that the Bank of England is set to put an additional £17 billion into the financial markets.
Add A Comment