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| Darling to reassure on borrowing | |
| (about 2 hours later) | |
| Chancellor Alistair Darling is to offer reassurance that the government will not borrow irresponsibly because of the global financial downturn. | Chancellor Alistair Darling is to offer reassurance that the government will not borrow irresponsibly because of the global financial downturn. |
| In his annual address to the Cass Business School, Mr Darling is also expected to call for more international regulation of the banking system. | In his annual address to the Cass Business School, Mr Darling is also expected to call for more international regulation of the banking system. |
| "Just as markets change, so should policy," he will say. | "Just as markets change, so should policy," he will say. |
| Shadow Chancellor George Osborne is calling for a significant cut in interest rates to stimulate demand. | |
| With the government planning to increase borrowing and spend its way out of an expected recession, the chancellor will say fiscal policy must support efforts to shore up the economy. | With the government planning to increase borrowing and spend its way out of an expected recession, the chancellor will say fiscal policy must support efforts to shore up the economy. |
| "Today, governments all over the world are using approaches that had until recently been consigned to policymaking history, but it is natural that the conduct of policy should evolve," Mr Darling will say. | "Today, governments all over the world are using approaches that had until recently been consigned to policymaking history, but it is natural that the conduct of policy should evolve," Mr Darling will say. |
| "Three weeks ago, we worked with other countries to put in place a plan to stabilise the banking system. | "Three weeks ago, we worked with other countries to put in place a plan to stabilise the banking system. |
| "These countries are committed to working together to strengthen supervision in the global financial system. | "These countries are committed to working together to strengthen supervision in the global financial system. |
| "And today we need the same determination to support the wider economy. To ensure that fiscal policy supports monetary policy, here and across the world, in these exceptional circumstances." | "And today we need the same determination to support the wider economy. To ensure that fiscal policy supports monetary policy, here and across the world, in these exceptional circumstances." |
| Shadow chancellor George Osborne writes in the Daily Telegraph that the scrapping of Gordon Brown's fiscal rules would destroy "the final remaining pillar" of his economic legacy. | Shadow chancellor George Osborne writes in the Daily Telegraph that the scrapping of Gordon Brown's fiscal rules would destroy "the final remaining pillar" of his economic legacy. |
| And the Tories warn that any "spending splurge" would further damage Britain's economic outlook and reduce the opportunity for interest rate cuts. | And the Tories warn that any "spending splurge" would further damage Britain's economic outlook and reduce the opportunity for interest rate cuts. |