Gordon Brown has promised business leaders that the Government will provide a “comprehensive plan” to tackle the financial crisis and the ongoing economic downturn.
Read the transcript: Speech to Confederation of British Industry annual conference
In his annual address to the Confederation of British Industry (CBI), the PM said there would be a “new approach” to economic management to ensure that the downturn is “as limited in length and scope as possible”.
Measures to be taken by the Government, including a 2.5 percentage point cut in VAT, were set out later by the Chancellor in his Pre-Budget Report in Parliament.
The PM said:
“For the way forward is not just one isolated initiative or one individual measure, not even a set of measures for a few months. It is a concerted and comprehensive plan that will give real help to businesses and families while at the same time preparing our economy for the future.”
Mr Brown set the global economic turmoil in the context of the transition from sheltered national economies to a “fully open global economy”. He stressed the importance of providing a co-ordinated and planned approach across Europe to limit the downturn and said that failing to act now would only lengthen the recession.
The PM’s speech came on the back of the G20 summit in Washington, DC where he urged world leaders to implement fiscal stimulus packages to kick-start economic growth.
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