Cameron backs government economy measures

David Cameron has promised to work constructively with other political parties to resolve the current economic crisis.

On a visit to the HBOS headquarters in Halifax, the Conservative leader said he supported the government's moves to shore up the banking sector with billions of pounds of taxpayers' money, adding: "It's not a day to be triumphant, not a day for celebration. It's necessary, what's been done.

"It's painful, it's expensive, and in many ways it's the day that the bills came in for a decade of too much borrowing."

Following a half-hour meeting with bank staff Cameron said: "In many ways the government had no option with the British banking system close to a state of collapse.

"Let's be clear, we are saving the banking system not just for its own sake, but to save the wider economy.

"That's why it is necessary. That's why I said over a week ago that recapitalisation had to happen."

He went on: "We've offered cross-party support for what is a very big decision and I think it's important for all parties to turn round to the taxpayer and say this has to be done, we are not saving the banking system for its own sake, we are doing it because we must save the wider economy.

"Not to act would be worse than to act."