1 October 2007
Turmoil in global markets has tested the stability of the British financial system but the economy remains strong, Gordon Brown said today.
Speaking at the Reuters building earlier today to an audience of entrepeneurs and policy makers, the Prime Minister said that the UK’s financial "resilience" helped it cope with crises in the global economy.
The Bank of England’s independence, the Financial Services Authority, and a new system for regulation meant that Britain was "able to steer a stable course".
The PM pledged not to take risks with the economy, and to continue to take "all necessary measures" to ensure that the UK has the flexibility to deal with worldwide financial turbulence, including international rules on liquidity, solvency and off-balance sheet investments .
He said:
"Responsible government demands that stability will be our determination first and foremost - yesterday, today and tomorrow."
Mr Brown said that the Government would unveil plans later this week on to make Britain "world class" in science and technology, including plans to make Britain a world leader in medical research. He said that the Government’s £650 million Energy Technologies Institute was just one example of the Government’s drive to make the UK a leader in energy and environmental technologies.
He also restated his support for Crossrail, the new railway link that will connect east London to the west of the city.
"This is a huge national project that is vital for long-term prosperity of the nation’s capital and indeed the whole country."
Image copyright: Reuters
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