U.K. public sector net borrowing soared to a record level for the month of September, with spending outpacing receipts as the economy slowed, data from the Office for National Statistics showed Monday. Public sector net borrowing totaled GBP8.1 billion in September, up from GBP4.8 billion in September 2007 and the highest level for the month on record since 1993.

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European nations and the United States unveiled a staggering and coordinated series of multi-billion dollar rescue packages.Royal Bank of Scotland, Lloyds TSB and HBOS will have a total of £37bn injected into them. In return for the investment, the government will get a say in how the banks are run, including controls over the bonuses paid to management.

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Dow Jones index tumbling to 8500 - Many think the bottom is at 7000 or 50% of Peack last year. Early gains in European shares faded, with the FTSE 100 ending down 1.2% and France's Cac 40 falling 1.55%. On Wall Street, the Dow Jones ended down 7.33%, or 678.91 points, to 8579.19 points.

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Six central banks, including the Bank of England, have cut interest rates by half a percentage point in an effort to steady the faltering global economy. No decision on UK rates had been expected until Thursday - and the move puts the interest rate at 4.5% from 5%.

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The UK government is poised to announce details of a £50bn rescue package. Last night The chief executives of Royal Bank of Scotland, Barclays, Lloyds TSB and HBOS last night met the chancellor, Alistair Darling, and other senior members of the Tripartite Authorities.

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The news is a fresh blow for the global financial system struggling to master an unprecedented crisis of confidence. Hypo Real Estate was the fifth German bank and the second largest mortgage lender in Germany, said the 35 billion euro (£27.3 billion) bail-out fell apart on Saturday.

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Markets are reacting with near panic, and someone seems to be able to manipulate it since it is the biggest drop in years and yet something is not quite right. Very bad day on Wall Street. The $700b bailout bill collapsed in the House, and the markets are reacting with near panic. This is a very bad situation, very bad.

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Even if the government gets Congressional approval this week to buy bad debts off banks' books, satisfying some of their cash needs, the financial sector will still need to raise money -- and investors haven't exactly been lining up to help.

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We are going to get a package passed,” Mr. Bush said, a day after an earlier agreement dissolved amid a flurry of political rancor. “We will rise to the occasion. Republicans and Democrats will come together and pass a substantial rescue plan.”

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 Federal regulators are moving quickly to broker a deal for Washington Mutual as the savings-and-loan comes under mounting financial pressure. “the rating actions do not affect the safety of customer deposits, which are insured up to the limits allowed” by the federal government.

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