Britain to invest billions in banks

LONDON, England (CNN) - The British government on Monday said it would make a multi-billion investment in three of the country's major banks to help them through the current financial crisis.

The Treasury will pump 37 billion pounds ($64 billion) into the Royal Bank of Scotland, HBOS and Lloyds TSB.

"The overall aim of these measures is to support stability in the financial system; to protect ordinary savers, depositors, businesses and borrowers; and to safeguard the interests of the taxpayer," a statement from the Treasury said.

The banks have been battered in the global financial meltdown and the influx of funds is designed to stabilize their positions and boost the country's long-term economic outlook.