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| Version 11 | Version 12 |
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| Brown denies split over economy | Brown denies split over economy |
| (about 1 hour later) | |
| Gordon Brown has played down reports of rifts with the Bank of England and between the EU and the US over the best way to boost the global economy. | |
| Speaking in the US, the UK prime minister said there was "far more agreement" than had been claimed. | Speaking in the US, the UK prime minister said there was "far more agreement" than had been claimed. |
| He said leaders were agreed on the need to look at the impact of action that had already been taken and look at "what should happen next". | He said leaders were agreed on the need to look at the impact of action that had already been taken and look at "what should happen next". |
| He dismissed suggestions the London G20 summit would fail to reach agreements. | He dismissed suggestions the London G20 summit would fail to reach agreements. |
| 'Co-ordinated approach' | 'Co-ordinated approach' |
| There was a "determination" among world leaders to do "whatever it takes to make sure we can restore the economy to growth", he said at a question and answer session hosted by the Wall Street Journal. | There was a "determination" among world leaders to do "whatever it takes to make sure we can restore the economy to growth", he said at a question and answer session hosted by the Wall Street Journal. |
| He said he hoped the G20 would see agreements on help for central and eastern Europe, which had been hard hit by the economic crisis, a "continuation of a co-ordinated approach to fiscal and monetary policy" and international agreements on the supervision of the financial system. | He said he hoped the G20 would see agreements on help for central and eastern Europe, which had been hard hit by the economic crisis, a "continuation of a co-ordinated approach to fiscal and monetary policy" and international agreements on the supervision of the financial system. |
| G20 LONDON SUMMIT World leaders will meet next week in London to discuss measures to tackle the downturn. See our in-depth guide to the G20 summit.The G20 countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the US and the EU. Q&A: G20 Summit EU chokes on economic rescue href="/1/hi/world/europe/7963359.stm"> Czech PM attacks Obama spending | |
| One agreement he hoped the G20 would reach would be to have a method of highlighting publicly if any country put in place any protectionist measure. | |
| "The greatest danger that we face is trade starts to fall as countries resort to protectionist measures and make a recovery even more difficult," he said. | "The greatest danger that we face is trade starts to fall as countries resort to protectionist measures and make a recovery even more difficult," he said. |
| He added: "So I hope at the G20 summit, we will not only agree a pathway forward for world trade agreement but facilitate the expansion of trade in a world where trade is at the moment falling." | He added: "So I hope at the G20 summit, we will not only agree a pathway forward for world trade agreement but facilitate the expansion of trade in a world where trade is at the moment falling." |
| A lot of the work at the summit would be about agreeing "common rules by which a global economy can work". | A lot of the work at the summit would be about agreeing "common rules by which a global economy can work". |
| Some progress had already been made on getting tax havens to agree to share tax information on request and there had already been "the biggest fiscal stimulus in history" and big interest rate cuts, he said. | Some progress had already been made on getting tax havens to agree to share tax information on request and there had already been "the biggest fiscal stimulus in history" and big interest rate cuts, he said. |
| Stimulus plans | Stimulus plans |
| Asked whether there was a split between Europe's focus on strengthening regulation and the US concentration on a stimulus, he said both were important. | Asked whether there was a split between Europe's focus on strengthening regulation and the US concentration on a stimulus, he said both were important. |
| Every country had its own timetable for announcing its fiscal and monetary policies - that was a matter for individual governments, he said. | Every country had its own timetable for announcing its fiscal and monetary policies - that was a matter for individual governments, he said. |
| "Nobody is suggesting that people go to the G20 meeting and put on the table the budget they are going to have for the next year," he said. | "Nobody is suggesting that people go to the G20 meeting and put on the table the budget they are going to have for the next year," he said. |
| Gordon Brown played down suggestions of a rift with Mervyn King - video courtesy of wsj.com | Gordon Brown played down suggestions of a rift with Mervyn King - video courtesy of wsj.com |
| Instead he believed they needed to look at, together, what had been done in terms of fiscal stimulus, quantitative easing and interest rates, and their effects before deciding what should happen next. | Instead he believed they needed to look at, together, what had been done in terms of fiscal stimulus, quantitative easing and interest rates, and their effects before deciding what should happen next. |
| "I see a consensus, not a disagreement, on that," he said. | "I see a consensus, not a disagreement, on that," he said. |
| He also played down comments made by Governor of the Bank of England Mervyn King, that the government should be cautious about a further fiscal stimulus, given the high levels of UK debt. | He also played down comments made by Governor of the Bank of England Mervyn King, that the government should be cautious about a further fiscal stimulus, given the high levels of UK debt. |
| Mr Brown has been pressing the case for wealthy countries to bring forward big fiscal stimulus packages to refloat the economy. | Mr Brown has been pressing the case for wealthy countries to bring forward big fiscal stimulus packages to refloat the economy. |
| The prime minister said that what was at issue was whether people were prepared to do what was necessary to resume growth in economy. | The prime minister said that what was at issue was whether people were prepared to do what was necessary to resume growth in economy. |
| 'Lost credibility' | 'Lost credibility' |
| "If you put that question to the governor of the Bank of England he will say, as he said when he signed the G20 communique, that you have to take whatever action is necessary for growth," he said. | "If you put that question to the governor of the Bank of England he will say, as he said when he signed the G20 communique, that you have to take whatever action is necessary for growth," he said. |
| Meanwhile in the UK, more doubts have been raised over the public finances after an auction of government-guaranteed bonds failed for the first time since 2002. | |
| He quite obviously thinks a further fiscal stimulus can be afforded by Britain and he seems to be urging everyone else to do the same thing Ken ClarkeConservatives class="" href="/1/hi/business/7961900.stm"> King warns against more spending class="" href="/1/hi/uk_politics/7960507.stm"> Europe 'must lead downturn fight' class="" href="http://newsforums.bbc.co.uk/nol/thread.jspa?forumID=6154"> Send us your comments | |
| The Debt Management Office - which sells the gilts to raise money on behalf of the government - said it had failed to attract enough bidders for its latest issue. | |
| Shadow business secretary Ken Clarke said Mr Brown had been one of the "principle architects of the collapse of Anglo Saxon capitalism" yet appeared to want to borrow more money. | |
| "Gordon Brown is going around the world making these most curious speeches in which he quite obviously thinks a further fiscal stimulus can be afforded by Britain and he seems to be urging everyone else to do the same thing," he said. | |
| The prime minister is touring three continents ahead of next week's G20 summit. He addressed the European Parliament in Strasbourg on Tuesday. The tour will also take him to Brazil and Chile. | |
| He will take part in another question and answer session, with students at New York university, before going on to hold talks with UN secretary general Ban Ki-moon on Wednesday. | |
| US President Barack Obama has said he wants a "robust" and "sustained" fiscal stimulus and has said all countries must share the burden of rescuing the global economy. | |
| "We don't want a situation in which some countries are making extraordinary efforts and other countries aren't, with the hope that somehow the countries that are making those important steps, lift everybody up," he said in a speech in Washington DC. | |
| But Czech prime minister Mirek Topolanek, who lost a "no confidence" vote in his own parliament on Tuesday, suggested the US recovery plans were the "way to hell". | But Czech prime minister Mirek Topolanek, who lost a "no confidence" vote in his own parliament on Tuesday, suggested the US recovery plans were the "way to hell". |