Brown vows to work with Obama

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US voters created a "defining moment" in history last week, when they elected a "progressive President" who believes in the power of Government intervention to deliver answers to the current economic downturn, said the Prime Minister.

And he made clear he sees a close fit between his own response to the crisis and the agenda on which Obama was elected.

In an article for The Observer, Mr Brown wrote: "It is up to us whether 2008 is remembered for a financial crash that engulfed the world or for a new resilience and optimism from a generation which faced the economic storm head on and built the fair society in its wake.

"The people of America made their choice last week. They picked a progressive President, inspiring the world with their belief that in difficult times people need their government to ensure more - not less - help and security is available for families and business.

"I'm looking forward to co-operating with the President-elect in building a new global society in which the advancement of people - their homes, jobs, savings and pensions - is always put first."

The banking crisis of recent months has seen "the collapse of a failed laissez-faire dogma", testing the "old free market fundamentalism" and finding it wanting, wrote Mr Brown.

While stressing that his Government remains "pro-business", the Prime Minister added that recent events show "markets need morals".