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Cash freeze

PUBLISHED: 10:48 16 October 2008 | UPDATED: 09:21 12 August 2010

A FINANCIAL expert is urging more action from the government as the country heads for recession. Michael Fallon, who is chairman of the Treasury sub-committee and MP for Sevenoaks, said the £37 billion bail-out this week was essential but more needed to

A FINANCIAL expert is urging more action from the government as the country heads for recession.

Michael Fallon, who is chairman of the Treasury sub-committee and MP for Sevenoaks, said the £37 billion bail-out this week was essential but more needed to be done. He told the Times: "There needs to be a two-year action plan to do this, we have started but the government needs to do more."

The Conservative MP also backed authorities who had money frozen after investing in Iceland.

Bromley council is currently in talks to claw back £5million it invested in Icelandic back, Heritable, as MPs warned the economy is sinking into a "long and deep" recession.

Orpington MP John Horam said: "If the banks had collapsed it would have been even worse. It was necessary to save the economy

"But people in Bromley will want to know why the government can pull £37billion from nowhere when Orpington Hospital is facing closure. They'll be puzzled as to why saving banks is seen as a crisis and saving lives is not. Bromley Hospital's £101million debt seems tiny in comparison."

Full analysis of the cash freeze and banking crisis below.

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