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UK will lead the way, says Brown UK will lead the way, says Brown
(about 2 hours later)
Gordon Brown has promised Britain will "lead the way" through the global financial crisis, ahead of an emergency summit of European leaders in Paris.Gordon Brown has promised Britain will "lead the way" through the global financial crisis, ahead of an emergency summit of European leaders in Paris.
Writing in the Sunday Mirror, the prime minister said he would urge Europe to copy his blueprint to end the turmoil.Writing in the Sunday Mirror, the prime minister said he would urge Europe to copy his blueprint to end the turmoil.
Mr Brown is to hold talks with French President Nicolas Sarkozy before the eurozone members' meeting.Mr Brown is to hold talks with French President Nicolas Sarkozy before the eurozone members' meeting.
The meetings take place after the IMF warned the world's financial system was "on the brink of systemic meltdown".The meetings take place after the IMF warned the world's financial system was "on the brink of systemic meltdown".
Downing Street said the prime minister would meet Mr Sarkozy, along with the head of the European Commission and governor of the European Central Bank. Downing Street said the prime minister would meet Mr Sarkozy along with the head of the European Commission and governor of the European Central Bank.
For Europe, the stakes could not be higher and this is a moment of truth Gordon Brown Because the UK has not adopted the euro, Mr Brown had not been due to take part in the meeting of eurozone leaders but a Downing Street spokesman said the French president had invited him to attend part of it.
In his article, the prime minister said he would urge his European counterparts to copy the UK's £500bn package, half of which is a guarantee to British banks, he announced earlier this week. 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.
RBS won't be the only bank raising capital in the next few days... I expect HBOS, Lloyds TSB and Barclays to discose that they're raising up to £25bn between them BBC's Robert Peston Robert Peston: All change at RBS
In his article, the prime minister said he would urge his European counterparts to copy the UK's £500bn economic rescue package announced earlier this week.
He 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.He 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," he 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.""No country - not even the biggest - can make it just on their own at a time like this."
'Maximise efforts'
As the prime minister prepared for his Paris trip, more evidence emerged of tough economic times ahead for the UK.
A report by auditing firm Ernst and Young predicted a recession in Britain by Christmas, with insolvencies peaking in 2009/10.
Because the UK has not adopted the euro, Mr Brown had not been due to take part in the meeting of eurozone leaders but a Downing Street spokesman said the French president had invited him to attend part of it.
Mr Sarkozy said he planned to meet the British prime minister in order 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.
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 St.
Global responseGlobal response
Sunday's gathering in Paris was arranged hastily by Mr Sarkozy following a torrid week on the stock markets.Sunday's gathering in Paris was arranged hastily by Mr Sarkozy following a torrid week on the stock markets.
Mr Brown met his counterparts from France, Germany and Italy for emergency talks last weekend, but they failed to agree on a common plan beyond a cut in interest rates. 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 St.
French Finance Minister Christine Lagarde said Sunday's 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.In Washington on Saturday, the IMF said it was ready to lend funds to countries in need of capital.
Earlier, President Bush said the US would lead the response to the economic crisis, saying the first co-ordination between advanced countries and the rest of the world was "on track". IMF chief Dominique Strauss-Kahn said rich states had failed to restore confidence, but endorsed the new action plan by the G7.
Meanwhile, a UK Treasury delegation is in Reykjavik for talks to resolve the dispute over frozen UK investments held in failed Icelandic banks. Iceland delegation
The group wants to establish a claims procedure for British depositors to get their money back as soon as possible. In other developments:
Meanwhile, a poll suggests Mr Brown's handling of the downturn has improved his standing with the British public.
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  • A report by auditing firm Ernst and Young predicted a recession in Britain by Christmas, with insolvencies peaking in 2009/10.
A YouGov poll for the Sunday Times shows Mr Brown and Mr Darling were more trusted to the run the economy than their Conservative opposite numbers by a margin of 33% to 27%.
  • 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).
    • And Mr Brown's personal approval rating has also improved by 19 points over the past month, although it still remains in negative territory at minus 34%.
  • 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%.