The Governor of the Bank of England held breakfast talks with Prime Minister Gordon Brown today as stock markets around the world plunged.
Mervyn King emerged from 10 Downing Street as ministers began to arrive for the weekly Cabinet meeting, which is also likely to be dominated by the global crisis.
The unsmiling governor left the meeting and was driven away in his waiting car without speaking to reporters.
A Downing Street spokesman said the meeting had been "routine".
"They discussed the present situation among other things," the spokesman said.
Among senior Government figures arriving at Downing Street was Transport Secretary Ruth Kelly, the announcement of whose decision to step down soon from the Cabinet overshadowed the Prime Minister's speech to the Labour Party conference last week.
She walked up the street side-by-side with Home Secretary Jacqui Smith but did not answer questions about whether she was sad to be leaving.
Ministers began emerging from the meeting after around one hour 20 minutes.
Justice Secretary Jack Straw and Home Secretary Jacqui Smith were among several who ignored questions from the media.
But Foreign Secretary David Miliband said it was a "very good meeting, very good. Excellent meeting".
Transport Secretary Ruth Kelly, in what could have been her last Cabinet meeting, emerged smiling but also said nothing to reporters.