Buy UK assets, PM tells Gulf states

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The Prime Minister, who is touring the region, said the investment vehicles' activity in the UK was "welcome".

The potential for the funds to pursue political goals was also dismissed by Business Secretary Lord Mandelson, who insisted they were "not a problem".

Oil producing countries are estimated to have gained an extra one trillion dollars in cash reserves as a result of recent spikes in prices.

Mr Brown proposed that a large portion of that cash should be ploughed into the IMF to create a massive "global insurance policy" to help "distressed" economies in the global downturn. Countries could be given greater say on international bodies in return for bigger contributions.

But the premier also suggested Britain should seek to benefit from the money by welcoming more investment from the Middle East.

"The Gulf states are an increasingly important source of inward investment to the UK," he told journalists on the flight to Saudi Arabia.

"Britain has always been an open economy and we have benefited substantially from our openness to trade and inward investment, which has led to the creation and protection of many jobs.

"As long as they play by our rules and operate in a commercial manner, we welcome investment from sovereign wealth funds in the UK."

Lord Mandelson chipped in: "We have not had a problem with sovereign wealth funds in the past, so I do not see why it should be a problem in future."