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No 10 warning over energy bills Brown warning over energy bills
(41 minutes later)
Energy firms should start cutting bills soon to reflect the recent sharp fall in global oil prices, No 10 has said. Gordon Brown has urged energy firms to reduce petrol prices and household fuel bills to reflect the sharp fall in global oil prices in recent weeks.
A spokesman said people would "expect answers" on when gas and electricity prices would come down, adding that the Treasury and Ofgem were monitoring it. The prime minister said some petrol retailers had cut prices in recent days but others must now follow, he added.
Utility bills have risen sharply this year as oil prices hit record levels close to $150 a barrel but the price of oil has tumbled recently to near $60. Mr Brown also called for substantial extra support for countries worst hit by the global credit crisis.
The PM will travel to Paris later to discuss the financial crisis with French president Nicolas Sarkozy.
'Crisis'
Major oil producers in the Middle East and Asia should contribute more to the International Monetary Fund's $250bn "bailout fund" to prevent the risk of the global downturn destabilising more countries, Mr Brown said.
Iceland, Pakistan, Ukraine and Hungary have all requested emergency loans from the IMF in recent days.
It is every nation's interest that financial contagion does not spread name here
"We need this for the crisis we face now," Mr Brown said.
"It is every nation's interest that financial contagion does not spread."
Mr Brown did not rule out the UK providing extra help but said the emphasis would be on the largest oil producers and confirmed he would be travelling to the Gulf region on Saturday to press his case.
Mr Brown also said he was "determined" to see petrol prices come down across the board to reflect the fall in global energy prices.
Unions and Labour MPs have called for a windfall tax on energy firms' profits.Unions and Labour MPs have called for a windfall tax on energy firms' profits.
'Price benefits''Price benefits'
BP revealed on Tuesday that it made a £6.4bn profit in the three months to the end of September as oil prices soared.BP revealed on Tuesday that it made a £6.4bn profit in the three months to the end of September as oil prices soared.
The government has rejected the idea of a windfall tax although the prime minister's official spokesman said regulator Ofgem and the business department were monitoring price movements. The government has rejected the idea of a windfall tax although the prime minister's spokesman said earlier that the Treasury and regulator Ofgem were monitoring utility prices closely.
Asked about energy bills, he said "these are worrying and difficult times and we want the benefits of price reduction to feed through to individuals". Mr Brown will hold talks with French President Nicolas Sarkozy in Paris later about Europe's response to the global financial crisis.
But he said ministers had no plans to seek a meeting with the bosses of leading energy suppliers. He is looking to build support among other European leaders for his plan to reform global financial institutions and regulation.
Meanwhile, Gordon Brown will hold talks with French President Nicolas Sarkozy in Paris later about Europe's response to the global financial crisis.
The British prime minister is looking to build support among other European leaders for his plan to reform global financial institutions and regulation.
Mr Brown will meet German Chancellor Angela Merkel on Thursday ahead of a summit of EU leaders next week.Mr Brown will meet German Chancellor Angela Merkel on Thursday ahead of a summit of EU leaders next week.
Mr Brown has won plaudits in Europe for his rescue plan for the banking system.
Financial reformsFinancial reforms
Mr Brown has won plaudits in Europe for his rescue plan for the banking system.
However, differences are still likely to arise between him and Mr Sarkozy over the role the EU should play in dealing with the crisis.However, differences are still likely to arise between him and Mr Sarkozy over the role the EU should play in dealing with the crisis.
France, which holds the EU presidency, has raised the idea of EU members setting up their own sovereign wealth funds to invest in strategically important industries and to act as a catalyst to Europe's faltering economy.France, which holds the EU presidency, has raised the idea of EU members setting up their own sovereign wealth funds to invest in strategically important industries and to act as a catalyst to Europe's faltering economy.
Gordon Brown wants the EU to take a lead in global financial reformGordon Brown wants the EU to take a lead in global financial reform
Reports have suggested that several EU members, most notably Germany, are opposed to the idea.Reports have suggested that several EU members, most notably Germany, are opposed to the idea.
Mr Brown wants Europe to take the lead in pursuing comprehensive reform of financial institutions such as the International Monetary Fund and credit ratings agencies.Mr Brown wants Europe to take the lead in pursuing comprehensive reform of financial institutions such as the International Monetary Fund and credit ratings agencies.
He has also been at the forefront of calls for a co-ordinated global approach to financial regulation and an "early warning system" to prevent a repeat of the credit crunch.He has also been at the forefront of calls for a co-ordinated global approach to financial regulation and an "early warning system" to prevent a repeat of the credit crunch.
The BBC's Norman Smith said Mr Brown's rescue plan for UK banks, seen as a template for how other governments can stabilise their financial systems, had given him added credibility in Europe. The two leaders are seeking to agree a common position ahead of the EU summit on 7 November, itself a precursor to a meeting of world leaders in Washington about the financial situation a week later.
He added that Mr Brown and Mr Sarkozy would seek to agree a common position ahead of the EU summit on 7 November, itself a precursor to a meeting of world leaders in Washington about the financial situation a week later.