This afternoon Osborne visited chancellor Alistair Darling to offer his support and has committed to working with the government to strengthen the economy and attain financial stability.
He says that now is not the time for partisan squabbling as is being seen in the US but for the opposition and government to work together for the benefit of the British people.
Vince Cable, Liberal Democrat shadow chancellor, also met with Darling to express his support.
He says: “We should not replicate the US approach. We need to look at a new approach to regulation of the City – how to avoid boom bust cycles based on bad debt and also reenumeration for executives.”
Cable says he believes the chancellor will be true to his pledge that he will do whatever is necessary to support financial stability.
He says that government support for banks in the form of nationalisation, the HBOS Lloyds TSB merger talks and the Special Liquidity Scheme likely is more substantial than the $700bn that the US is currently mulling over as a rescue package.