UK government has announced that it will pump US$ 87 billion pounds (around US$ 50 billion pounds) in an extraordinary step to prevent a fall down of the U.K. banking system.

As part of special liquidity plan, the government will acquire preference shares, and the Bank of England will make at least 200 billion pounds available for banks.

The government will also offer a guarantee of about 250 billion pounds to facilitate refinance debt.

The worsening credit crisis has forced the U.K to tie up with U.S., Ireland, Iceland, Belgium and Spain in rushing out untested bailout measures to save their major banks.