Britain's bailout plan grows

LONDON, Jan. 19 (UPI) -- The British government unveiled new bank-saving measures Monday as the country's largest banks remain mired in turmoil.

Prime Minister Gordon Brown and Chancellor of the Exchequer Alistair Darling said the government would provide partial protection against future lending and a guarantee of up to $72 billion for asset-backed securities, The Wall Street Journal reported.

The government will also extend a credit guarantee plan it initiated in October.

Britain's initial bailout, worth $740 billion, has not contained the financial crisis. Royal Bank of Scotland shares fell 13 percent Friday on word it expected to lose as much as $40 billions in 2008. Barclays PLC shares fell 25 percent Friday.

Brown said the effort to jump start lending "not help for the banks but help for businesses and families."