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| Version 3 | Version 4 |
|---|---|
| Brown hails EU recovery package | Brown hails EU recovery package |
| (19 minutes later) | |
| Gordon Brown has said European leaders have agreed to back an "ambitious and co-ordinated" recovery plan to help their economies through the downturn. | Gordon Brown has said European leaders have agreed to back an "ambitious and co-ordinated" recovery plan to help their economies through the downturn. |
| The package, negotiated at an EU summit in Brussels, will see 200bn euros of funding - equivalent to 1.5% of the EU total output, poured into economies. | The package, negotiated at an EU summit in Brussels, will see 200bn euros of funding - equivalent to 1.5% of the EU total output, poured into economies. |
| Mr Brown said measures would include "judicious" tax cuts and acceleration of public spending projects. | Mr Brown said measures would include "judicious" tax cuts and acceleration of public spending projects. |
| The PM's economic policy has come under fire from leading German politicians. | |
| 'Good news' | |
| Finance minister Peer Steinbruck called the UK government's decision to cut VAT levels and raise borrowing to record levels to support the weakening economy as "crass" and "breathtaking." | |
| But Mr Brown said that "whatever comments had been made in the last few days", the agreement over the need for a huge stimulus package showed that the EU was "wholly united". | |
| He described the agreement as "good news for the UK and good news for Europe". | |
| The measures were a rejection of calls for politicians to "do nothing and let the recession take it course", he added. | |
| The stimulus plan will include tax cuts, reduction in regulation, support for small business and anticipated further reductions in interest rates. | |
| The Foreign Office has confirmed that Britain's ambassador in Berlin, Sir Michael Arthur, telephoned the German finance ministry on Thursday to complain about Mr Steinbruck's comments. | |
| A spokesman would not give details of the call other than to say that the ambassador had made it clear that "we fundamentally disagreed with the comments made by Peer Steinbruck". |