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Brown attends EU talks on crisis PM says banking crisis will ease
(30 minutes later)
Gordon Brown has attended talks with other EU leaders in Paris to discuss the international financial crisis. UK Prime Minister Gordon Brown has said he believes confidence in the banking system will be restored by global action "in the next few days".
The Prime Minister left the Elysee Palace while the leaders of Eurozone states continued their discussions. "The decisions we take over the next few days will affect us for the years ahead," he said.
Earlier Mr Brown promised Britain would "lead the way" through the global financial crisis, as European leaders prepared to meet in Paris. Mr Brown was speaking in Paris after briefing eurozone leaders on details of his rescue plan for 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. He said they had discussed a broad plan involving adding cash to financial markets and recapitalising banks.
Mr Brown met French President Nicolas Sarkozy at the Elysee before addressing the eurozone leaders. Earlier Mr Brown pledged Britain would "lead the way" through the global financial crisis.
'Meltdown''Meltdown'
Mr Brown met French President Nicolas Sarkozy at the Elysee Palace before addressing the 15 eurozone leaders.
The head of the European Commission and governor of the European Central Bank were also present at the talks with Mr Brown and Mr Sarkozy.The head of the European Commission and governor of the European Central Bank were also present 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.
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.
The French president escorted Mr Brown to a waiting limousine after the UK PM's address. Mr Sarkozy then returned to the eurozone meeting.
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. Earlier in a newspaper 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.
"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," Mr Brown said.
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".
Amnesty campaign and film against 42 day detention launched by a mass sleepwalk through Leeds. Conservative leader David Cameron said that turbulence in the financial markets would be followed by "real difficulties" on the high street.Amnesty campaign and film against 42 day detention launched by a mass sleepwalk through Leeds. Conservative leader David 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.
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).
  • 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%.
  • 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%.