1:02pm: And that's PMQs effectively over, although the wrangling over how to stabilise the financial system could go on for hours/years. Nothing particularly groundbreaking, but a noteworthy sense of cross-party unity. How long that unity will survive is anyone's guess. Were you convinced? Are the measures they've outlined today going to be enough? Let me know what you think...

1pm: Times are "difficult and different", requiring a change in approach - Vince Cable again. Repossession should be a last resort in the courts - the legal system needs to be overhauled, he says. Darling concurs - smiles all round. One of the MPs just behind Darling is stroking his own thigh... 

12:58pm: Is it over? No one seems sure. Half the house is already walking out, but Labour's Stuart Bell is still talking. Darling again: international cooperation and guaranteed lending = the way forward. Vinca Cable's out of his seat: "How is the conditionality for the banks to be enforced and monitored? How will the Chancellor ensure that the taxpayers' money that goes into banks will come out the other end?"

12:54pm: Getting information out of Iceland is very difficult, says Darling, which is why the government has frozen the banks' assets. "Now, it's essential that - if a country sees problems within its own borders - it needs to report them to other countries as well." The BoE should have a statutory role in overseeing financial stability, he says - and he's glad everyone agrees. And he's grateful for the Tories' 'interventionism'. Raised eyebrows from Cameron and Osbourne...

12:50pm: George Osbourne's question has gone on for so long, he's lost me completely...

12:45pm: No depositors will lose money as a result of the Icelandic banks being liquidised, Darling says. George Osborne now: "the test of success of this rescue will be if credit starts to flow again."

12:40pm: Move over, it's Alistair Darling: he wants to stabilise the financial system, safeguard taxpayers' investments and help solve the global financial crisis. Here's how: the Bank of England will ensure it has enough cash to stabilise the system, in addition to the £50bn it put in yesterday; the banking system's resilience against global turmoil will be improved through a bank recapitalisation fund; and it will be made easier and cheaper for banks to secure short-term loans.   

12:35pm: Brown won't be drawn on whether Britain's economy will "definitely shrink" next year, regardless of what the IMF says in its forecast. Interest rates are being cut by 0.5% to 4.5%, by the way - the BoE announced it half an hour ago.

12:30pm: Christine McCafferty: can the PM guarantee there will be no involuntary redundancies when Lloyds TSB take over HBOS? The PM will stand by people trying to save their jobs, Brown says. For once, everybody is agreeing about irresponsibility in the financial sector. And Gordon's smiling. "Let's deal once and for all with the problem of excessive and irresponsible risk-taking." Bzzt! Repetition.

12:28pm: And so much for that. Banks have responded to their difficulties by making life more difficult for small enterprise - we need to fix this, Brown says, but the details are still being worked out. The IMF Forecast is out today - will the PM revise his spending plans on the back of it? "I've never done that!"

12:25pm: On to peace, now, and the pursuit thereof: we need a new strategy in Afghanistan and Pakistan, says one backbencher I don't recognise. Tom tells me it was Paul Flynn (Lab, Newport West).

12:23pm: Nick Clegg's turn, pledging to work with Labour: “When a ship is sinking, you send out the lifeboats - you don't argue about who steered it into the iceberg. That’s a discussion for a different day.” Hear, hear. Back to interest rates: the coordinated cut in interest rates shows the world will work together, says Brown - blaming the fall-out from the sub-prime market in the US. He's been chatting with Bush. World leaders are poised for a remedial pow-wow. Nick again: struggling families need more money in their pockets now. Will Brown close loopholes in the tax system that benefit the rich? The cheque's in the post, Brown is saying - and it's addressed to families and pensioners.

12:20pm: Failing banks shouldn't give their execs any bonuses at all, Cameron insists. He's not going to let this one go... "Taxpayers will be infuriated if they see their hard-earned money going in rewards for failure," he says, stabbing the air with his index finger. The Bank of England will have a role in supervising the country's finances, says Brown. The FSA will keep an eye on banks' demands for capital. Brown again: "What you won't hear from me this week is sort of easy, cheap lines kind of just beating up on the market system, bashing the financiers" - much guffawing on the benches. That was Brown reminding Cameron of what he said at the weekend on the Andrew Marr show.

12:10pm: Gerald Kaufmann wants a guarantee that bailing out City Fat Cats won't take priority over protecting the electorate's savings. "We will ensure that excessive risk-taking is not rewarded," answers Brown. David Cameron's turn now: the Tories will support the government's efforts to solve the financial crisis. "The banking system cannot be allowed to fail," says Cameron. Brown says cutting interest rates proves he's putting the people first. 

12:05pm: Brown's opening with a tribute to members of the armed forces killed in Afghanistan over the summer, offering "full and unwavering support" - a response to recent criticisms about the government breaking the military covenant? Now the economy: "global problems require global action." The IMF says the British economy will shrink next year - does he agree? Not if I can possibly prevent it, he's saying.

Nearly noon: And we're almost off! Remember to refresh your screen regularly to get the most up-to-date entry.

11:55am: Things to watch out for: barbed comments from The Opposition on Brown's handling of the financial crisis; thinly veiled "Wouldn't I make a good prime minister?" body language from David Milliband and references to Labour's consistently poor performance in recent by-elections (and there's another just around the corner: Glenrothes on November 6). 

11:38am: Just over 20 minutes to go before prime minister's questions kicks off in the Commons - the first since ministers returned from summer recess. A lot has changed since the last PMQs: the world's finances have unravelled; the Cabinet has been reshuffled and Brown has apparently bounced back after a career-saving speech to the Labour conference. Will he fare as well today? Join me at midday, when I'll be live blogging throughout, to find out. 

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