Financial News

Brown Advises US on Economic Changes

5 03 2009

Prime Minister Gordon Brown has received encouragement from the US Congress after calling for renewal of “the special relationship for our generation”.

Mr Brown is one of only five UK prime ministers, to ever address both houses on Capitol Hill in order to try and enforce his ideas that the US and UK should push “essential” economic changes.

Standing Ovation

There was a standing ovation at the beginning of the speech, which was therefore frequently interrupted by over a dozen pauses for applause.

Among the many requests he made, Mr Brown called for the banking sector to have “rules and standards for accountability, transparency and reward.”

On to the bigger issue of recession, he added: “America and a few countries cannot be expected to bear the burden of the fiscal and interest rate stimulus alone. We must share it globally.

“So let us work together for the worldwide reduction of interest rates and a scale of stimulus round the world equal to the depth of the recession and the dimensions of the recovery we must make.

“An economic hurricane has swept the world, creating a crisis of credit and of confidence.

“History has brought us now to a point where change is essential. We are summoned not just to manage our times but to transform them.”

‘Seize the Moment’

He also said: “Now more than ever the rest of the world wants to work with you… And let me say that you now have the most pro-American European leadership in living memory. A leadership that wants to cooperate more closely together, in order to cooperate more closely with you.”

“So once again I say we should seize the moment – because never before have I seen a world more willing to come together so much. Never before has that been more needed.”

He also awarded the honorary knighthood to Ted Kennedy, saying that: “Northern Ireland is today at peace, more Americans have healthcare, more children around the world are going to school” because of the veteran Democratic Senator. We owe “a great debt to [his] life and courage.”

Waste of Time or Huge Success?

However, other political parties have not been so quick to praise Mr Brown. William Hague of the Conservatives said: “If he’s not prepared to acknowledge that mistakes have been made then he won’t be able to communicate or implement the solutions for the future.”

Vince Cable from the Liberal Democrats also added that: “Rather than trying to shore up his reputation in America, he should be focusing his attention on fixing the mess we face back home.”

But the Prime Minister’s trip seems to have been successful. President Barack Obama described the relationship between the two countries as one that would “only grow stronger”.

Also, in talks with the White House, it was agreed that improvements are needed to be made to the global banking system, and that “inward projection” should be avoided in order to prevent protectionism.

 
What Do You Think?

Leave your comments here.

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • Digg
  • del.icio.us
  • Netvouz
  • DZone
  • Reddit
  • MisterWong
  • Wists

Actions

Informations

Leave a comment

You must be logged in to post a comment