FTSE set for 20-year record fall

London's FTSE 100 Index was on course for its biggest one-day fall in more than 20 years today on another day of turmoil for global stock markets.

The FTSE was down almost 9% at one stage – representing the biggest decline since the aftermath of Black Monday in October 1987.

A host of the UK's biggest banks were rocked by turmoil across the European banking sector, with Royal Bank of Scotland nursing a 22% fall.

Chancellor Alistair Darling – reportedly considering plans to shore up banks with taxpayers' cash – said today that "all practical options must remain open" in dealing with the crisis.

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