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Grim Brown warns of a bleak year for Britain
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| Contributor | RP |
| Last Edited | RP Jan 02, 2008 06:57pm |
| Category | Speech |
| News Date | Dec 30, 2007 05:00pm |
| Description | Gordon Brown today issues a bleak assessment of the world economy as he braces Britain for a year of belt tightening in the wake of the credit crunch.
In a strong warning, which sets the backdrop for a campaign to revive his premiership, Brown tells Britain to prepare for 'global financial turbulence' in 2008. 'Our strong economy is the foundation,' Brown writes in his new year message. 'With unbending determination in 2008, we will steer a course of stability through global financial turbulence. The global credit problem that started in America is now the most immediate challenge for every economy.'
Brown's sober analysis comes in the wake of the autumn credit crunch that caused the first run on a British bank in more than a century after the Bank of England bailed out Northern Rock. The sight of thousands of depositors queuing outside branches across Britain to withdraw their savings was one of the factors that contributed to the dramatic fall in Brown's ratings in the autumn.
The Prime Minister knows he must turn round his and his government's fortunes in 2008 if he is to beat off a strong challenge from Conservative leader David Cameron and place Labour in a strong position to secure a fourth successive election victory. Jack Straw, the Justice Secretary, today warns that Tory messages are 'resonating' with voters. |
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