The chancellor must take emergency steps to prevent rail, water and power companies going bust in the global economic storm, former cabinet minister Peter Hain has warned.
Hain, the former work and pensions secretary, urged the government to draw up reserve powers that could be used in the event of a major utility collapsing and taking vital services with it. His words follow jitters in the City about the damage a freeze in bank lending could do to some companies that have borrowed heavily to invest in infrastructure.
