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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.