WASHINGTON — In an effort to increase liquidity, and an action that the United States may emulate later this week, the British government today bought $63 billion worth of shares in the country's largest banks.
The move gives the government a majority stake in the Royal Bank of Scotland and the new bank that will be formed as a result of the impending merger between Lloyds and HBOS.
In return for the cash infusion, the banks will be required to lend more money to businesses and individuals.
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