A three-point rescue plan to help stop the housing crisis getting worse as a result of a post-Brexit shock, prevent a sharp slowdown in growth and provide some economic certainty. The Bank of England alone can't protect jobs and homes. If the Conservatives politicians can't offer economic leadership, then Labour must.
The good news then is that this is not likely to be a banking crisis like that which we witnessed in 2008. The bad news though is what comes after the initial 'shock' has passed. Because even if the Bank of England looks set to be able to weather the immediate storm inflicted by stock markets, the longer term implications look far less certain and far more challenging.
The Government sells the story of its intervention in way that does not frighten businesses. Labour failed at this. Given public opinion and the Government's own actions, it is not the case that 'anti-business' measures are off the agenda but if you are going to do them then there is a need to get the message right.
Osborne is set to announce the fire sale of the public's share in the Royal Bank of Scotland. Since the taxpayers bailed out RBS to the tune of £45billion in 2008, the government have held an 80% share in the bank. This bailout saved the bank from the mismanagement of its own executives, including such luminaries as Fred 'The Shred' Goodwin. You'd be forgiven for believing that seven years on Osborne's sell-off must mean that Britain's banks have been purged of all that led to such bedlam in 2008; deregulation, bloated bonuses, toxic debts and a willingness to gamble money that makes Las Vegas seem puritan. In truth the Chancellor is selling our share in RBS at a massive loss.