Atlantic Council

In a post titled "Transatlantic Differences," Alex Massie muses about how differently Americans would react than Brits to news that two members of the shadow cabinet of the conservative party had entered (separately) into homosexual civil unions.

NPR's Rob Gifford asks, "Is Britain's Labour Party Back To Pre-Blair Ways?" After Tony Blair was elected British Prime Minister in 1997, he blurred the line between the Labour Party and the usual opponent, the Conservative Party. But the global financial crisis has forced Prime Minister Gordon Brown to take the Labour Party back to a platform of nationalized banks, government assistance for industry and massive public borrowing.

British PM Gordon Brown said Sunday that he expects the Saudi government to contribute to IMF bailout funds in exchange for more imput.   More generally, he believes oil-rich Gulf states should be among the major donors to the fund.  

AP business writer Jan Wardell reports that "Any funds from Gulf states are unlikely to be pledged before a meeting of G-20 nations to hammer out potential reform of the global financial system to prevent a repeat of the current crisis, scheduled for November 15 in Washington D.C."

Sir Christopher Meyer, British ambassador to the United States from 1997 to 2003, takes to the pages of the Telegraph to answer the question "Which President would be best for Britain?"  

Last week Iceland was put up for sale on eBay allowing users "a unique opportunity to buy a Northern European country." The auction began at a modest 99p but soon rose to £10,000,000 ($18,000,000). Bids, however, plateaued around that mark after it was revealed that Björk was not included in the price.

European views on the financial crisis are changing rapidly, but governments finally seem to have settled on a rescue package.  Only four weeks ago, my colleague James Joyner noted a conspicuous lack of concern in the European press over growing U.S. financial woes. 

Iraqi Prime Minister Nuri al-Maliki was quoted in The Times as saying British combat forces are no longer needed to maintain security in southern Iraq and should leave the country. Maliki said they could aid in training Iraqi forces, but that “the page has been turned.” Maliki said of the British presence in Iraq: “We thank them for the role they have played, but I think that their stay is not necessary for maintaining security and control. There might be a need for their experience in training and some technological issues, but as a fighting force, I don’t think that is necessary.” Gordon Brown is expected to cut troop numbers significantly next year from the 4,100-strong contingent.

Maliki went on to add that Iraq would be open to British companies and economic exchange.

French President Nicolas Sarkozy is hosting the leaders of the Euro block in a series of meetings in Paris today "for a summit that would mark their last chance to hammer out a coordinated financial rescue package before their panic-stricken stock markets reopen," AFP reports.

No details have been released but French Finance Minister Christine Lagarde said in Washington, "I can assure you, you will not be disappointed and it will be specific. We collectively need to put in place some stimulus packages."  The report says there are "signs that the 15 were leaning towards the policy already adopted in Britain under which the state guarantees inter-bank lending and buys stakes in banks."

UK Prime Minister Gordon Brown wrote in the Sunday Mirror that, "For Europe, the stakes could not be higher and this is a moment of truth. No country -- not even the biggest -- can make it just on their own at a time like this. We are all in it together and have to work to solve it together."

British Prime Minister Gordon Brown announced plans for a $88 (£50) billion bailout rescue package for the ailing U.K. economy. It is "designed to put the British banking system on a sounder footing" the Prime Minister told correspondents. However the London Stock Exchange fell 4 percent as news of the deal came through.

The BBC understands that the deal will require banks to adhere to FSA financial rules and increase their capital by $45 billion, perhaps by borrowing. $352 billion will be made available for short-term loans by the Bank of England. The financial crisis was caused in part by the banks' unwillingness to lend to each other, so the government hopes that if those loans can be guaranteed then lending will resume.

The lenders that have confirmed they will take part in aspects of the scheme are Abbey, Barclays, HBOS, HSBC, Lloyds TSB, Nationwide Building Society, Royal Bank of Scotland and Standard Chartered. BBC business editor Robert Peston said there would be strings attached for banks that take the government money, including regulations on executive pay and the extension of credit lines to homeowners.

The deal has been welcomed by the banks.

UK Prime Minister Gordon Brown will shuffle his cabinet Friday, the Wall Street Journal reported.  Analysts have anticipated a cabinet change since the beginning of the summer as a possible boost to Brown's ratings.  However, sources say the more prominent positions will remain unchanged.

According to the Financial Times, EU trade commissioner Peter Mandelson, an ally of Tony Blair and longtime rival of Brown, will be the new business secretary.  New defense, transportation, and housing ministers are expected, and a department for energy and climate change will be created.  Changes to advisors are also said to occur.