James Mills is a web developer in the North East of England and founder of Refresh Teesside »
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Deloitte, which has 23 offices across the UK including Newcastle, is among the country's leading professional services firms » 
ClimateNE & Climate Change Schools Project support the move to a low-carbon, resilient economy and help businesses avoid risk and realise commercial opportunities. Posts by Jen Atkinson, Krista McKinzey and Harriet Thew » True, we've had a few momentous days over the past few months, but today surely will be the one that goes down in the history books after the government finally confirmed that it was part nationalising Britain's leading banks.
The mixed reaction of the stock markets this morning paints a confusing picture of whether or not this radical solution will prove successful.
The simple fact of the matter is that it cannot afford to fail.
The Government, long accused of reacting to this crisis rather than being decisive and influencing events, has probably done as much as it can with today's package.
Now we need to see equally bold action from the money men who will ultimately dictate whether or not it is successful. The banks must start lending to each other again and, with the government offering to guarantee such transactions, there is now good reason to hope they will.
Attention is now increasingly focused on the real economy, where there is growing evidence that the slowdown is beginning to take its toll. The slump in the value of many of our biggest companies this morning surely reflects those concerns.
Tomorrow the Bank of England will announce its latest interest rate decision with almost unanimous calls for a cut in the cost of borrowing. It is clear that a minimum of a 0.5% cut is required.
Speaking today, Chancellor Alistair Darling was at pains to stress that the Bank's independence would not be comprimised, even in the face of a financial crisis of epic proportions.
Yet he also stressed that the Bank was required to consider wider Government policy when taking its decision, which was as big a clue as we are likely to get that he expects - and demands - decisive action tomorrow.
Anything else, and all the good work of today's measures will rapidly be undone where it really matters - in the real economy.
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