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Brown urges eurozone to copy UK Brown urges eurozone to copy UK
(10 minutes later)
Gordon Brown has promised Britain will "lead the way" through the global financial crisis, as European leaders hold emergency talks in Paris.Gordon Brown has promised Britain will "lead the way" through the global financial crisis, as European leaders hold emergency talks in Paris.
The PM, writing in the Sunday Mirror, said he would urge Europe to copy his plan to buy up stakes in British banks.The PM, writing in the Sunday Mirror, said he would urge Europe to copy his plan to buy up stakes in British banks.
Mr Brown met French President Nicolas Sarkozy at the Elysee Palace on Sunday before addressing the eurozone talks.Mr Brown met French President Nicolas Sarkozy at the Elysee Palace on Sunday before addressing the eurozone talks.
Conservative leader David Cameron said Mr Brown had to provide a "real plan for the real economy".Conservative leader David Cameron said Mr Brown had to provide a "real plan for the real economy".
'Meltdown''Meltdown'
The head of the European Commission and governor of the European Central Bank were also at the talks with Mr Brown and Mr Sarkozy.The head of the European Commission and governor of the European Central Bank were also at the talks with Mr Brown and Mr Sarkozy.
Because the UK has not adopted the euro, Mr Brown had not been due to take part in the later meeting of eurozone leaders.Because the UK has not adopted the euro, Mr Brown had not been due to take part in the later meeting of eurozone leaders.
RBS won't be the only bank raising capital in the next few days... I expect HBOS, Lloyds TSB and Barclays to disclose that they're raising up to £25bn between them BBC's Robert Peston Robert Peston: All change at RBSRBS won't be the only bank raising capital in the next few days... I expect HBOS, Lloyds TSB and Barclays to disclose that they're raising up to £25bn between them BBC's Robert Peston Robert Peston: All change at RBS
But Mr Sarkozy invited Mr Brown to address his 15 counterparts briefly at the start of their talks - to introduce his plan to protect British banks.But Mr Sarkozy invited Mr Brown to address his 15 counterparts briefly at the start of their talks - to introduce his plan to protect British banks.
Mr Sarkozy said he wanted to "maximise" efforts by European leaders to deal with the global financial crisis, which has seen global equity markets go into freefall and the collapse of several leading international banks.Mr Sarkozy said he wanted to "maximise" efforts by European leaders to deal with the global financial crisis, which has seen global equity markets go into freefall and the collapse of several leading international banks.
The meetings come after the International Monetary Fund warned the world's financial system was "on the brink of systemic meltdown".The meetings come after the International Monetary Fund warned the world's financial system was "on the brink of systemic meltdown".
In his article, Mr Brown said he would urge his European counterparts to copy the UK's £500bn economic rescue package announced earlier this week.In his article, Mr Brown said he would urge his European counterparts to copy the UK's £500bn economic rescue package announced earlier this week.
The scheme will see the government take significant stakes in banks - in effect part-nationalising them.The scheme will see the government take significant stakes in banks - in effect part-nationalising them.
Mr Brown also echoed a warning from US President George W Bush after the G7 summit in Washington that countries must not "turn against each other" or seek isolation amid the chaos. "For Europe, the stakes could not be higher and this is a moment of truth," Mr Brown said.
"For Europe, the stakes could not be higher and this is a moment of truth," he said.
"No country - not even the biggest - can make it just on their own at a time like this."
He added that the "calm, determined British spirit" would mean that although the crisis began in America, "Britain will lead the way in pulling through".He added that the "calm, determined British spirit" would mean that although the crisis began in America, "Britain will lead the way in pulling through".
'Business failures'
Mr Cameron said that turbulence in the financial markets would be followed by "real difficulties" on the high street.Mr Cameron said that turbulence in the financial markets would be followed by "real difficulties" on the high street.
"We are going to see it in job losses, in business failures," he warned."We are going to see it in job losses, in business failures," he warned.
Liberal Democrat leader Nick Clegg reiterated his call for income tax cuts for low and middle-earning households.Liberal Democrat leader Nick Clegg reiterated his call for income tax cuts for low and middle-earning households.
He said: "It's time for the government to help the millions of struggling families, not just the banks.
"Low and middle-income families need tax cuts now to help them through the recession."
Sunday's gathering in Paris was arranged hastily by Mr Sarkozy following a torrid week on the stock markets.
So far, he and German Chancellor Angela Merkel have ruled out a joint financial rescue fund for Europe, similar to the US bail-out of Wall Street.
French Finance Minister Christine Lagarde said the summit would put "meat on the skeleton" of a five-point plan agreed by the G7 group of seven industrialised nations.
In Washington on Saturday, the IMF said it was ready to lend funds to countries in need of capital.
Managing director Dominique Strauss-Kahn said rich states had failed to restore confidence, but endorsed the new action plan by the G7.
Iceland delegation
In other developments:In other developments:
  • A report by auditing firm Ernst and Young predicted a recession in Britain by Christmas, with insolvencies peaking in 2009/10.
  • The Sunday Times says a £35bn rescue package is about to be requested by the Royal Bank of Scotland (£15bn), HBOS (£10bn), Lloyds TSB (£7bn) and Barclays (£3bn).
  • A Treasury delegation is in Reykjavik for talks to resolve the dispute over frozen UK investments held in failed Icelandic banks. Significant progress is said to have been made.
  • A YouGov survey for the Sunday Times suggests Mr Brown and Mr Darling are more trusted by the public to the run the economy than their Conservative opposite numbers by a margin of 33% to 27%.
  • A report by auditing firm Ernst and Young predicted a recession in Britain by Christmas, with insolvencies peaking in 2009/10.
  • The Sunday Times says a £35bn rescue package is about to be requested by the Royal Bank of Scotland (£15bn), HBOS (£10bn), Lloyds TSB (£7bn) and Barclays (£3bn).
  • The French cabinet will hold a special session on Monday to approve a bill offering state guarantees and recapitalisation to banks in trouble.
  • Portugal's finance minister has also announced a 20bn euro ($27bn; £16bn) state guarantee for banks.
  • A Treasury delegation is in Reykjavik for talks to resolve the dispute over frozen UK investments held in failed Icelandic banks. Significant progress is said to have been made.
  • A YouGov survey for the Sunday Times suggests Mr Brown and Mr Darling are more trusted by the public to the run the economy than their Conservative opposite numbers by a margin of 33% to 27%.