US leadership 'vital for recovery'

The Prime Minister insisted that countries retreating to isolation and protectionism could wreck chances for a quick and sustainable recovery.

Delivering a keynote speech in Abu Dhabi on the eve of the US election, Mr Brown also highlighted the importance of the Middle East peace process to achieving co-operation.

"In these difficult times, the leadership America has shown has been vital to the co-ordinated interest rate cuts and the international co-operation we have seen which will lead to the meeting of international leaders on November 15," he said. "And I know that leadership will and must continue.

"The next stage of globalisations will require even more international co-operation with American leadership crucial to its success.

"In the coming weeks and months, the whole world will want to work closely with America on a shared common agenda to bring growth and jobs back to our economies; to give greater stability to our financial system; to defeat protectionism in favour of free trade; and of course to work for a more secure world - and in the Middle East, peace."

Mr Brown insisted all governments had a duty to work together to tackle the fallout from the credit crunch and soaring oil prices, and ensure international financial institutions were reformed.

"Because no country, no matter how big, can solve these challenges alone," he said. "And people in every country want to know that every possible course of action is being pursued to guide families and businesses through this difficult time."

The Prime Minister told an international oil conference that the Gulf states, with their massive oil resources and cash reserves, were crucial to stabilising the world economy.

He also gave his most explicit statement yet that they should get a "quid pro quo" of more influence over international financial bodies for agreeing to give the IMF some of their estimated one trillion dollar windfall from high oil prices."