Banking News Save The Banks Save The Economy Says Brown 2412

Save the banks, save the economy says Brown

27 October 2008 / by Rebecca Sargent
Speaking at the Imperial College London in front of business owners and economists this morning, Gordon Brown whole heartedly defended the Government’s moves to rescue UK banks, arguing that everybody depends on them.

In a question and answer session Brown spoke about how he wanted to ensure that people understand what the Government is doing to defend the UK amid tough economic times and what will be the most effective actions.

The two main issues addressed by Brown were oil prices and the credit crunch, both of which are having a huge impact on consumers. However, it is the banking system that Brown clearly believes will save the day.

According to Brown, ‘we will see our country through this,’ and the key according to the Prime Minister is the strengthening of the banking system because everybody relies on it.

In addition to defending the Government’s decision over the UK banking system, the Prime Minister was keen to defend his decision to increase public borrowing, despite the latest quarterly public debt figures standing at £37.6billion, more than the total debt for last year.

According to Mr Brown, investment in areas such as energy and the environment could in fact help turn the financial crisis around. In fact, when addressing the issue of unemployment, Brown hinted that the environment could be the new I.T that provided so many jobs throughout the 1990s.

Overall though, the Prime Minister made it clear that, ‘there is no one measure,’ and that it is a ‘comprehensive set of measures’ that will take us through these difficult times, recognising that the credit crunch has exposed a number of problems that require ‘global reform’ during what he constantly referred to as the ‘Global Age’.

© Fair Investment Company Ltd

Written by Editorial Team