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A time of crisis

Brian Taylor | 12:18 UK time, Tuesday, 30 September 2008

Weren't those scenes in the US House of Representatives simply extraordinary?

The Speaker reluctant to bring down the gavel on the rejection of the £700bn "rescue" package, somewhat like a judge who cannot believe the verdict just delivered by the jury but must pronounce sentence nonetheless.

The vote was, of course, driven by partisan concerns - the fear among Republicans and Democrats that the people would not tolerate a bail-out for profligate banks.

By contrast, the response in the UK has been a strictly temporary and limited suspension of hostilities. This is a direct and explicit rebuttal of the tendencies on show in Congress. Not here, not now.

Where I am, at the Tory conference in Birmingham, there is an understandably subdued atmosphere. Indeed, David Cameron was obliged to note in passing that the conference would continue, despite events.

Mr Cameron offered to assist the UK Government in tackling the crisis. Partly, of course, this is fighting for a place in the developing narrative. But it is also authentic. He offered, for example, to drop detailed objections to legislation permitting the Bank of England to assist failing financial institutions.

The Prime Minister earlier took the initiative by contacting opposition leaders.

In Scotland, the First Minister Alex Salmond is taking a comparably co-operative line. He has already discussed the situation with Des Browne, the Secretary of State for Scotland.

Further talks, also involving the Treasury, are planned.

Like other political leaders here, Mr Salmond believes that a new version of the US rescue package must be swiftly introduced and carried in order to return stability to the markets.

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