LAHORE: British Prime Minister Gordon Brown, and the Chancellor, Alistair Darling on Wednesday announced details of a massive funding initiative to further support the UK banking system. The details of a multi-billion pound deal designed to put the British banking system on a sounder footing - for both the present and the future. Eight of the UK's largest banks and building societies will benefit in the scheme, worked out with the Government and the Bank of England- which also announced a half a point cut in interest rates today. Explaining the measures- aimed at supporting and stabilizing the banking sector across the country Gordon Brown said that the problems that started in America have now hurt every banking system in every continent in the world. He said the global financial market has ceased to function putting in danger the necessary flow of money to businesses and families on which all of us depend in our daily lives. Mr Brown said the stability and restructuring programme is comprehensive. It is specific and it breaks new ground. The programme is designed to restore confidence and trust in the financial system and more than that to put the British banking system on a sounder footing and to build strength for the future so that it can support jobs and prosperity right across our economy. He said "Mr Brown was of the view that there was also room for a coordinated European plan. The British Prime Minister said: "This is a long haul and we have invited other European countries to consider proposals that we have put to them this morning on medium term funding and we are in active consultation about how we can adopt a European wide funding plan and I have spoken to the French President Sarkozy yesterday morning about this. At the same time we are in conversations with all the G-7 leaders and G-20 leaders about a gathering of Heads of Government and we are ready to put British proposals to such a meeting. Countries are tested in difficult times. These problems certainly started in the United States of America but they are having a big impact on us and other financial systems, he added". Speaking at the occasion, the Chancellor of the national exchequer Alistair Darling said: "We are going through a period of extraordinary turbulence in every part of the world; every single country is being affected. Now what we wanted to do here is to make sure that firstly we stabilise the position which is why we put more money into the system through the Bank of England,, secondly, to make sure that we could encourage and help banks rebuild up their capital position. They can either do that through conventional means from the money market to through the special fund of 25 billion pounds now with an additional 25 billion pounds should that be necessary. We have also through our announcements today also made it easier for there to be longer term lending between banks. Why is that important? Because when banks start to lend to each other for longer periods that will enable then to lend more money to us as individuals, businesses, mortgages and so on, he said."