Word: britishers
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...Brown and Darling gathered on Monday to unleash a slew of new schemes, the stakes for the Prime Minister - and the British economy as a whole - could scarcely have been higher. Central to those plans is the creation of a bumper insurance scheme that will permit banks to buy cover against losses on bad loans in the hopes that this will encourage banks to start lending to Britain's cash-strapped companies and consumers. Also announced: a $74 billion scheme allowing the Bank of England - Britain's lender of last resort - to buy high-quality assets directly from financial institutions...
...Clearing access to credit for banks, firms and consumers is crucial. Interest rates may be at their lowest since the Bank of England was created more than 300 years ago, and the banking industry may have already received $55 billion in government money, but nervous British lenders are simply not lending enough. The result: British GDP will tumble 2.7% this year, Ernst & Young forecast on Monday, the biggest drop since 1946. "Without additional government intervention," it added, "a deep recession could evolve into a depression...
...Monday upped its stake in the bank to almost 70% in order to help boost its lending capability. The timing could hardly have been worse: the bank announced on Monday that its losses for 2008 could be as high as $41 billion - by some stretch the biggest loss in British corporate history. Much of that loss is due to RBS's ill-timed acquisition of Dutch lender ABN Amro in 2007. "Yes, I'm angry at RBS and what happened," Brown conceded. But, he added, "We have to recognize anger is not enough...
...None of the tech is cleaner or higher than Masdar City itself, designed by the greenish British architect Norman Foster. Beyond being completely powered by renewables - mostly rooftop solar panels - Masdar will be a car-free city. Instead, the designers will build a personal-rapid-transit (PRT) system, an automated cable-car-like network that will whiz residents around the city's streets. Planners unveiled a model of a PRT car on the summit's first day. With the sleek silhouette of a racing motorcycle, but with room for four passengers, the PRT seems to have escaped from the movie...
...developed world, and they don't want fears over climate change to stop them. The best hope is that the innovation personified by Masdar and the WFES can beat the pace of warming. Masdar may seem like a mirage, but "this is absolutely real," says Nicholas Stern, a British economist and climate-change expert. "I'm very optimistic that this is happening...