PM calls for global unity over economic crisis in New York
- 00:01:58
- ITN
PM calls for global unity over economic crisis in New York
Gordon Brown hopes the G20 meeting in London will work on expanding world trade and setting international financial standards. In a web interview by the Wall Street Journal in New York, Mr Brown said: "I do believe the greatest danger that we face as trade starts to fall is countries will resort to protectionist measures that make a recovery even more difficult." Mr Brown also said one of the challenges that must be addressed by the G20 is providing more funding for the International Monetary Fund to deal with the fallout of the financial crisis. "It's got a major set of propositions before it and it will need additional funding," he said. Mr Brown, who is on a whistlestop tour to promote the summit, will later meet UN Secretary-General Ban Ki Moon. On Tuesday, the Prime Minister used a speech to MEPs in Strasbourg to urge the European Union to take the lead in saving the world economy and forging a new "moral" capitalism. He called for an end to offshore tax havens, tougher financial regulation, and international limits on remuneration. But Bank of England Governor Mervyn King issued a surprise warning that Britain may not be able to afford more fiscal stimulus measures. Mr King told the Treasury Select Committee that the UK's deficit levels were already "very large" and the country may not have enough reserves for "another significant round of fiscal expansion". Shadow chancellor George Osborne said: "The governor is sending a very clear warning that this country cannot borrow its way out of debt. "We are already heavily indebted and plans for a second stimulus package, which Gordon Brown has been talking up, should not go ahead."
ITN | March 25, 2009
