Brown pushes ahead with G20 plans

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The Prime Minister believes reform of the financial system is an "urgent priority" for the global economy, Number 10 said.

Mr Brown is expected to attend a meeting of the Government's lending panel which monitors commitments made by the banks.

It will include further discussions with the major lenders on reform of the financial system and progress on increasing bank lending.

On Monday, Mr Brown held top-level talks with Chancellor Alistair Darling, Bank of England Governor Mervyn King and Financial Services Authority chairman Lord Turner in Downing Street.

The four agreed on the importance of pushing ahead with the G20 conclusions and "good progress" was being made to provide support to key areas of the economy.

The Prime Minister's spokesman said the four agreed on the importance of implementing the G20 conclusions both in Britain and across the world.

Tuesday's lending panel meeting follows a warning by Mr Darling at the weekend that he failed to foresee the severity of the recession and that recovery was unlikely before the end of the year.

He admitted it was "worse than we thought" amid suggestions that the economy could shrink by 3% this year, three times more than he predicted in November's Pre-Budget Report (PBR).

His comments suggested the UK's deficit will be higher than that already expected which would likely limit any moves to use public spending to bolster economic growth.