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PM calls for more Gulf investment PM calls for more Gulf investment
(about 8 hours later)
Gordon Brown is set to call on wealthy oil states in the Gulf to invest more money in Britain.Gordon Brown is set to call on wealthy oil states in the Gulf to invest more money in Britain.
The prime minister will tell a meeting of businessmen in the Saudi Arabian capital Riyadh that such investment is vital to create and secure UK jobs.The prime minister will tell a meeting of businessmen in the Saudi Arabian capital Riyadh that such investment is vital to create and secure UK jobs.
He will also say that more money from the region's sovereign wealth funds would be welcomed. He told the BBC that oil-rich states must contribute more to international efforts to stop "financial contagion" spreading to more countries.
The prime minister also hinted at more global action over interest rates.
Global efforts
Ahead of the Bank of England's latest interest rate meeting on Thursday - in which it is widely expected to cut rates - Mr Brown said the "trend" of falling inflation and oil prices was giving policymakers more scope to act.
I think we are grasping towards a new global order Gordon Brown
Talking of a consensus emerging from the current financial crisis of the needed for greater international co-ordination, Mr Brown said world leaders would discuss further co-operation at their meeting in Washington later this month.
"I think we are grasping towards a new global order where there will be far better global co-ordination in the future and where people will work together to solve common problems," he said.
Mr Brown is in the Gulf to ask states to do more to stabilise oil prices and help tackle the global economic crisis.Mr Brown is in the Gulf to ask states to do more to stabilise oil prices and help tackle the global economic crisis.
He wants them to contribute to an International Monetary Fund bail-out 'pot' for countries with failing economies.He wants them to contribute to an International Monetary Fund bail-out 'pot' for countries with failing economies.
There is concern among some observers that as more nations - most recently Iceland, Hungary and Ukraine - apply to the fund for help, its reserves may not be sufficient.There is concern among some observers that as more nations - most recently Iceland, Hungary and Ukraine - apply to the fund for help, its reserves may not be sufficient.
Royal families Mr Brown said the prospect of more countries defaulting on their financial commitments risked greater instability for the financial system and could ultimately affect families in the UK.
On Saturday, Business Secretary Peter Mandelson, who is travelling with Mr Brown, told reporters he was in favour of sovereign wealth funds investing in Britain. Mr Brown wants the Gulf states to invest more of their huge financial reserves in Europe.
"We haven't had a problem with sovereign wealth funds in the past, so I don't see why it should be a problem in the future," Mr Mandelson said. The IMF estimates the region's sovereign wealth funds - centred on the assets of Gulf royal families - are worth between $2-3 trillion and are expected to rise between $7 trillion and $11 trillion by 2013.
"We would provide a good home in London for their operations in Europe." Because these are global problems they require global solutions Gordon Brown
The IMF estimates that these wealth funds - centred on the assets of Gulf royal families - are worth between $2-3 trillion. By 2013, that figure is expected to have soared to between $7 trillion and $11 trillion.
The growing importance of Middle East capital was demonstrated on Friday when it emerged that Barclays had raised £7.3bn from investors including the Qatari and Abu Dhabi royal families.The growing importance of Middle East capital was demonstrated on Friday when it emerged that Barclays had raised £7.3bn from investors including the Qatari and Abu Dhabi royal families.
Mr Brown is keen to use his visit to persuade Gulf nations to maintain their oil production levels to avoid "spikes" in oil prices. Oil stability
He also wants them to contribute to "the refinancing and stability of the financial system", but has denied that he is going with a "begging bowl". The prime minister is keen to use his visit to persuade Gulf nations to maintain their oil production levels to avoid "spikes" in oil prices.
"My main focus is how we can help British families through this downturn, but because these are global problems they require global solutions," he said. Addressing oil prices, he said: "I want to see more stability as well as a lower price."
Mr Brown is also travelling with Energy Secretary Ed Miliband and will move on to Qatar after Saudi Arabia. Turning to the state of the UK economy, where his plan to increase borrowing has been criticised by the opposition and some economists, Mr Brown said all countries were having to invest more to support their economies during the current period.
"The first priority has to be to get the economy moving and that is the action were are taking," he said.
Mr Brown, who is being accompanied by Business Secretary Peter Mandelson and Energy Secretary Ed Miliband on the trip, will move on to Qatar after Saudi Arabia.