Taxpayer will 'get something back'

Business secretary Lord Mandelson has defended the government's decision to part-nationalise several British banks.

Speaking on the Andrew Marr show, he said he thought it would work out well for taxpayers in the long term, saying "I don't believe the taxpayer should be asked to put anything into these banks without knowing that eventually they'll get something back."

But he also repeated the point that financial regulation, both at home and internationally, had to be drastically reformed.