Published Date: 09 October 2008

By Lindsay McIntosh

IT WAS a day of desperate global action, unprecedented in both scale and cost, intended to stymie the international devastation being wrought by the financial crisis.

As the London stock market steeled itself to open again following days of vicious battering, Alistair Darling, the Chancellor, rose to stake the future of the country and the Cabinet on an audacious £500 billion banking bail-out.

And barely had the City begun to digest the hugely complex and unorthodox scheme when it was sent reeling again by an unscheduled interest rate cut – mirrored across the world – by the Monetary Policy Committee. It was the first such co-ordinated approach since the 9/11 terrorist attacks in 2001 – yet another indicator, had one been needed, of the gravity of the situation.

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New World Order: Global co-operation, nationalisation and state intervention - all in one day.