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Brown seeks to calm economy fears | Brown seeks to calm economy fears |
(10 minutes later) | |
Gordon Brown has said the UK is well placed to deal with global economic crises, after figures showed a sharp decline in house prices. | Gordon Brown has said the UK is well placed to deal with global economic crises, after figures showed a sharp decline in house prices. |
The prime minister said a 2.5% fall in March, recorded by the Halifax, should be seen in the context of 10 years of big increases and low interest rates. | The prime minister said a 2.5% fall in March, recorded by the Halifax, should be seen in the context of 10 years of big increases and low interest rates. |
He added that the government was not a "spectator" and was "always vigilant" on global economic difficulties. | He added that the government was not a "spectator" and was "always vigilant" on global economic difficulties. |
He insisted the UK was in a much better position than in the early 1990s. | He insisted the UK was in a much better position than in the early 1990s. |
'Difficult situation' | 'Difficult situation' |
The 2.5% house prices fall by 2.5% in March was the biggest monthly decline since September 1992, the Halifax said. | The 2.5% house prices fall by 2.5% in March was the biggest monthly decline since September 1992, the Halifax said. |
House prices are now 1.1% higher than they were a year ago, the slowest annual growth rate for 12 years. | House prices are now 1.1% higher than they were a year ago, the slowest annual growth rate for 12 years. |
The PM rejects suggestions that he is "in denial" about the state of the British economy Nick Robinson, BBC political editor Read Nick's thoughts in full | |
Mr Brown cited the US credit crunch, which has seen a fall in prices there, saying the whole world was "in a difficult situation arising from what's happened in America". | Mr Brown cited the US credit crunch, which has seen a fall in prices there, saying the whole world was "in a difficult situation arising from what's happened in America". |
But, he said in an interview with BBC political editor Nick Robinson, the number of UK homes being repossessed was a "fraction of what happened in the early '90s". | But, he said in an interview with BBC political editor Nick Robinson, the number of UK homes being repossessed was a "fraction of what happened in the early '90s". |
Ministers would be meeting the Council of Mortgage Lenders to "discuss the kind of arrangements" needed to help homeowners and homebuyers, Mr Brown added. | Ministers would be meeting the Council of Mortgage Lenders to "discuss the kind of arrangements" needed to help homeowners and homebuyers, Mr Brown added. |