The sky may have fallen in on world markets but the former first minister told the House of Commons that a universal "cry to God" will help.

His call came on Monday as the Chancellor, Alastair Darling, updated MPs on the financial crisis sweeping the globe.

The 82-year-old preacher told the Commons: "I am sure that the whole House will realise the very terrible times that we are in."

Dr Paisley talked of childhood memories of poverty and soup kitchens.

"We must all, in our own way, do what we can to help one another to get some way through this very dark hour for our nation.

"I know that there are many beliefs in this House; my belief in God is well known and my religious convictions are known.

"I trust that our whole nation will turn in repentance and cry to God for an intervention so that the calamity will not come on our children and on the babes in their cots."

By Monday evening, shares had hit their biggest slump since Black Monday in 1987, with more than £93billion wiped off their value.

When asked if he would prescribe more earthly solutions to the crisis Dr Paisley told the News Letter he had "nothing to add".

Mr Darling said he agreed in principle with Dr Paisley, but added he was not as well qualified as the preacher to comment on the role of God in solving the credit crunch.

The chancellor said: "I think that I agree with (Dr Paisley] on the need to work together. I am not as well qualified as him to comment on whether divine intervention can help us, but I think that governments and financial institutions have a huge role to play."

Mr Darling has pledged to do "whatever it takes" to stop the crisis, but a lack of firm policies in his statement to MPs on Monday is said to have disappointed key financial players.

See National and World news, page 15