Financial guru Alvin Hall has applauded Gordon Brown on his creativity in safeguarding UK banks.
Finance expert Alvin Hall has said in an exclusive interview with Financedaily.co.uk that Gordon Brown made the right choice when he launched his controversial scheme to safeguard the UK’s banking system, supplying extra cash to the UK’s banks and building societies in exchange for shares.
“I think he should be congratulated for coming up with a plan that really enables the British taxpayers who are funding this to eventually get their money back,” said Hall.
“It was certainly much better than the US plan, where we were buying up toxic assets, and then had portfolio managers who were going to liquidate them without the US taxpayer getting any equity in the banks at all. Now the US is adopting the Gordon Brown rule.”
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But Hall said that it’s impossible to tell how the plan will work out, and that the financial crisis could last for another 3 or even 5 years before the market stabilises.
“We’re in such unchartered territory that no one can actually tell what the future is going to hold,” he said.
“It’s a good plan, but no one can tell how the markets are going to work any more because they are completely global and that’s what this crisis has shown us – that there’s no longer such a thing as a safe haven for anybody.”
To read the full interview, Click Here
To find out more about the Special Liquidity Scheme, Click Here: Banks Welcome £50bn Government Bail Out
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