U.K. unveils stimulus plan as economic crisis deepens

U.K. Prime Minister Gordon Brown unveiled a second bailout for the British financial system on Monday to revive lending in the economy.

Brown said the new plan would offer banks insurance on troubled assets and also feature one kind of insurance that would limit their losses on mortgage and other loans, reawakening the market for securities.

The plan would require banks which want to participate to reach agreements that force them to lend more money to borrowers, Brown said. Banks and building societies will be charged a fee to participate under the new plan.

The latest bailout would cost taxpayers another 100 billion pound ($147 billion), according to the New York Times. The government, in October, unveiled a stimulus plan worth 37 billion pounds. In November, a 20 billion pound plan was announced.