Bank of England - £50bn bailout plan funded by British Taxpayers!!

Update: April 21, 2008 Link to AP-Yahoo Finance : The Bailout doubles to £100bn!!
BBC News April 20 2008 : "The BBC understands that the Bank will announce the plans to swap about £50bn worth of government bonds for British banks' mortgages. Business editor Robert Peston said it would be the biggest ever special initiative by the British monetary authorities to supply liquidity to the British banking system."
"The move would help ease the funding problems which many banks face, opening up the mortgage market to benefit householders and would-be buyers, Mr Darling said. (Alistair Darling is the Chancellor of the Exchequer - British Cabinet member in charge of all economic and financial affairs - appointed in June 2007 by British PM Gordon Brown ).
Also see the Norther Rock rescue - the first major British bank collapse precipitated by the US sub-prime mortgage crisis .
From Wikipedia Profile of Alistair Darling : "In September 2007, for the first time since 1860, there was a run on a British bank, Northern Rock. "
" The 2007 subprime mortgage financial crisis had caused a liquidity crisis in the UK banking industry, and Northern Rock was unable to borrow as required by its business model. Darling authorised the Bank of England to lend Northern Rock funds (£20bn) to cover its liabilities and provided an unqualified taxpayers’ guarantee of the deposits of savers in Northern Rock in an attempt to stop the run. "