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Upbeat Brown tells City: We'll fight and win
Joe Murphy, Political Editor19 Dec 2008
THE Prime Minister today revealed that a White Paper on protecting London's position as the world's leading financial centre will be published in the New Year.
Gordon Brown also predicted that the Square Mile will fight back from the recession and enjoy a new age of prosperity.
He dropped a strong hint that he expects a third runway at Heathrow to be part of the capital's future, emphasising that a decision on the plan will be made next month.
His markedly upbeat tone came at the monthly No 10 press conference where he was challenged about Chancellor Alistair Darling's gloomy admission this week that Britain may suffer a worse slump than other countries because of the sheer size and importance of the City.
Mr Brown said: "The financial sector in Britain is big... and obviously if you have a financial recession those countries with big financial sectors are going to be affected.
"But my view is that our financial sector is capable of reviving, capable of doing well in the future, and we will shortly publish our views on how we can retain a world class sector in this country."
Downing Street confirmed that the Paper would be issued next year and would set out strategies to strengthen the City and retain its share of business. "Yes there have been difficulties but yes, also, I'm confident about the future," added Mr Brown, who said new customers from the Far East would help recover the City's coffers.
The Premier set out to change his image of dour gloom to one of optimism.
"Britain can and must be a beacon of hope and opportunity for the future," he said.
"With our fighting spirit and our can-do attitude, I am confident that we can meet all the challenges ahead."
Officials confirmed that an expansion of government-backed lending to struggling firms is set to be unveiled in the New Year. It could open the taps to billions of pounds of extra lending through high street banks to companies suffering from the credit crunch.
Although £37 billion was pumped into the banks as fresh capital in October to save them from going bust, lending to small firms has failed to improve.
One option is for a new fund based on the existing £1 billion scheme for loans to small firms, in which 75 per cent of the bank loan is made using Government money. It mean that taxpayers take on three quarters of the risk if the company folds without paying it back.
The Prime Minister played down fears about sterling's plunge against the euro - which has reached near-parity. "Of course there is volatility in every economy in the world and of course exchange rates are going to go up and down," he said.
Reader views (34)
Brown never accepts the blame for anything and blames our problems on everyone else. Personally I cannot trust anyone who from time to time cannot admit they have made a mistake. If he is so perfect and fault free, how come he didn't see the impending economic disaster. He was chancellor after all. Also why are we going to be hit harder than other countries? I guess we in the UK are all just innocent bystanders caught up in the mess, according to Brown anyway.
- Dan, Manchester, 23/12/2008 13:40
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The City is corrupt to its very core. Brown's attempts to whitewash(politically correct?)it will be an utter failure.
- Gamini, Reading, Uk, 23/12/2008 10:40
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Well dobne Gordon Brown. The british people have faith in your economic policies even if the Tories have done a one-eighty and decided to desert you
- Keith Price, Luton, England, 22/12/2008 13:12
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Dave of Sunderland, there is enough proven and theorised reserves of oil to last 300-400 years at present rates of consumption. It isn't running out in the 'greenies' sense of the word. Heathrow needs modernising and expanding. You want a first world country, you need a first world airport. Don't buy a home near an airport if you don't like airplanes...
- Andrew, London, UK, 21/12/2008 22:17
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Jaqueline, Hampstead, London - Gordon Brown was elected as an MP at the last General Election he is therefore elected. If you are referring to him being PM well we DONT ELECT Pm's we elect MP's and the person who is leader of the party with the most seats is the Prime Minister.
You know just like John Major was when Thatcher was deposed something the tories have much experience of.
If the tories win the next election how long before David Davies unseats David Cameron?
Just as well Shakespeare performed his comedies on the South Bank for that's where the biggest comedy is now playing at City Hall with clown Boris on a unicycle!
- Melvyn Windebank, Canvey Island, Essex, 21/12/2008 18:38
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Crash Gordon is only upbeat because he is in power un-elected! The economy is the worst it has ever been, working families are suffering from the extreme state taxation, housing in in the doldrums, savings banks are failing and being nationalised... Soon we need the police and they are not around anymore.
- Jacqueline, Hampstead, London, 21/12/2008 10:32
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All airlines are in deep trouble, witness the talks of mergers between BA and QANTAS for example. Oil has dropped in price for the moment but its natural resource which is running out. It seems reasonable to expect air travel to decrease over the next decade if not for ever so this additional runway seems pointless.
- Dave Morris, Sunderland, 21/12/2008 04:24
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Boom and Bust Brown creates history,with the biggest recession ever to have taken place on planet Earth!
- Mark A, london england, 20/12/2008 21:35
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Where's David Cameron's public view on Heathrow expansion? If Cameron came out now and said that whatever steps Brown and Co took on a third runway, a Conservative Government would reverse those steps once in power, you'd see Brown think twice. The same with ID cards. The same with the Lisbon Treaty. But Cameron says nothing. The nothing-man. Though I despise Brown, there's no way that nothing-man Cameron will get my vote!
- Phil Jones, London UK, 20/12/2008 17:34
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I would not get too fussed about Heathrow expansion. How naive do we need to be? As always, it is a smokescreen - govt and those in real power will never annoy their power base, i,e, the truly rich who live in places like Richmond & Kew under the Heathrow flight path! Fear not - it will be Gatwick which will expand, as has been the true intention all along - thus ruining the lives of those who don't matter - the so-called 'middle classes' living in Surrey suburbs like my poor old parents.
- Liz, London,UK, 20/12/2008 17:27
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Does anyone really take on board anything this mans says ?
- Brian Hughes, North Wales, 20/12/2008 15:05
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So corrupt has this government become they know link Heathrow with national recovery even though this was never the rationale - desperate man Brown and hated by the people - we have awoken from the slumber of autumn and are know awake and can see him for what he is - an ideologue with no vision and a grubby inability to admit mistakes or look to LONG TERM solutions for the benefit of the people.
- Christian Ball, London, UK, 20/12/2008 10:24
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It beggars belief that we have a Prime Minister, who is determined to destroy 1200 homes and blight many more and what for. I haved lived in Harlington for 70 of my 73 yrs, my wife for 67 yrs, where are we to go at our stage in life, there are many more like us. We were here long before this particular Airport, there has to be and must be, an alternative to this expansion, The area concerned is so over crowded, the traffic is horrendous, its just plain crazy
- Watts.L.W., Harlington London England, 20/12/2008 10:06
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There is something that reminds me of Mugabe!
- William, London, 20/12/2008 08:49
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He and his merry band of loonies are now a drain on our patience. Can a government be committed?
- Frederick, London UK, 20/12/2008 07:48
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Since money is virtually free now.. and public debt is all worrying levels... what have we to lose??
Go on Mr brown.. follow your American friends all you need now is a gung ho attitude and you can make it
- Paul, Manchester, 20/12/2008 03:10
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All this from a man who celebrated Alan Greenspan, invited him to Downing St immediately after imposing himself on the country as Prime Minister- Recommended Greenspan for an honarary knighthood - Said he'd ended boom and bust - stretched the economic cycle beyond recognition to accomodate his lies and mis-management of the economy - A country that was once the envy of the modern world is now an economic basket case and no one can shoulder the blame more squarely then 'self entitled, self important -"I've saved the world' deluded Gordon Brown -
All cowards behave like bullies because they can't face themselves - the truth of the matter is that Brown is incompetent, can't get along with anybody, can't laugh at himself and therefore can't take critisism - that's why he avoids facing the electorate like the plague - All the makings of a dictator - His claims that things are going to look up soon are as ludicrous as Mugabes claims that he has cured Cholera!!! Can someone put this weirdo out of his misery, call an election and give us all a break and get a normal, well adjusted democraticly elected Prime Minister to get us out of the mess this maniac has got us in!
- American Friend, New York USA, 19/12/2008 22:21
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Mark my words Mr Brown the third runway will be the straw that breaks the camels back. Treating working class families like you are threatening to remove us from our homes unable to afford another village home will be your last decision.
we will bring you down the people of our villages will fight for our homes. Greed will not power over families and fairness we have been treated by you and everyone involved terrible. This will be your last 18 months if you last that long. No one voted you in but we will have a big part in removing you for putting greed and profits before homes and families.
- Maxine Payne, sipson village, west drayton ( The proposed village to be demolished at heathrow by BAA ), 19/12/2008 22:16
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you guys should join the Euro... it's now 1-1, all you have to do is change the name and replace the queen's face on the coins with Jacques Delors'..
- Thierry, london, 19/12/2008 21:23
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I'm thinking of making a doll of Unelected Brown and sticking pins it. Or maybe I should borrow one, as thats his Buzzword, Borrow,Borrow, don't worry we can Borrow and keep borrowing until we have borrowed ourselves into oblivion. Which I pray every night Unelected Brown will go.
- Ebin Donk, yo1, 19/12/2008 20:15
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Gordon is my true heir.
- Frank Spencer, London, 19/12/2008 18:54
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Brown might aswell said "you adopt the fighting spirit and can-do attitude" and only I and wretched Labour will reap the benefits...
This leach on British society should go and go now.
- Bingham Macnamara, lymington, hants, 19/12/2008 18:09
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Brown is starting to crack. He is now becoming delirious, next is delusional, then total madness. All written in his gestures and face movements at the Despatch Box. Now he is starting to blame everyone else but himself. He will finally turn on the people, the Tories, the Lib Dems, his own party members and finally the people, for letting him down.
- Albert Hall, hove england, 19/12/2008 18:06
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Well done Gordon. Your economic brainwave is already keeping prices down and stimulating sales at a time of worldwide recession.
- Keith Price, Luton, England, 19/12/2008 17:24
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spin,spin,spin
Brown has done so much damage that he has the cheek to make these sort of speeches.
- Frank, London, 19/12/2008 17:08
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Oh,No ! Another straight rip off from Obama.He used "Yes we can" Brown is now going to promote "Can do attitude " for all its worth -another Mandelsonism no doubt.
When will we all get sick of these repetive phrases spouted by all labour Ministers at every opportunity.
"this recession which started in America"
"the do nothing opposition "
"the hard working family "
" whatever is needed"
" no more boom and bust"
" weapons of mass destruction"
"education, education, education "
Please feel free to add your own. They must think we can all be brainwashed or else we're brain dead.
Roll on the revolution
- Michael, London, 19/12/2008 16:39
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He has wasted this year on nationalising banks and handing out more and more tax money on wasted projects. He has wasted 10 years raising taxes for big bureaucracies and now the UK is in the worst position of the world.
- Jacqueline, Hampstead, London, 19/12/2008 16:17
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Time for the men in the white coats. You can see that he is even madder than Blair.
- Mordwinoff, Lisle FRANCE, 19/12/2008 16:06
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I hope he has a beacon of a Christmas - all 24 days of it that our leaders voted for themselves - and will come back full of incandescent ideas for saving us and all the world. One also hopes that nothing happens in the next 24 days - for where would we be without our intrepid leader? I'm sure the French and the Germans and even our colonial cousins will be watching for that beacon, held in the steady hand of our Gordon as he leans into the winds of economic disaster and shakes off the pouring rain and lightning strikes of a global tsunami, praying he can lead them to the promised land of plentiful green technology and strong currencies. I'm polishing up my can-do attitude which is a bit down at the moment so that in 24 days' times I can stand shoulder to shoulder with him and his self-acknowledged optimism. In the meantime, I send best Christmas wishes to Disraeli, Gladstone, Churchill and wish they were with us now. Presumably, having read Brown's speech, they are being sick in the Elysian toilets
- John Problem, Hackney Wick, London, UK, 19/12/2008 16:02
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The delusions of a fool. Of course he has to repeat the mantra of - "Every Day in Every Way, I get Better and Better!"
- Uncle Vanya, Chelmsford England, 19/12/2008 16:00
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The Government should have been doing more to guarantee loans to small firms before now. Let's hope it is not too late in the day. Pleas to the British spirit of resiliance are all very well but we need more dynamic political leadership and rather less vacuity about currencies going up and down. Sterling's trouble at present is that it has only one direction - down. Stop grandstanding in places like Iraq, Gordon and concentrate on the crisis at home.
- James Elliott, Eastbourne UK, 19/12/2008 15:22
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he should of put at the end...."long after I have gone"
- Fly, london, 19/12/2008 15:08
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In a typical Brownian act of generosity, the taps of subsidy will be opened full throttle only at the time when there is but a minimal residuum of the preterite to claim it.
- Bloke, London, 19/12/2008 15:06
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75% sales by retailers. Bungler Brown did nothing with 2.5% cut in vat. What it showed was Brown had no clue about managing economics and finance. In the private sector he would be bankrupt, and possibly get a job counting boxes.
He was blind to the huge boom that inflated in front of him, exactly when he was saying (no joke) 'I ended boom and bust.'. How can anyone around the world take him seriously.
Has anyone noticed the similarity of Madoff and Brown. Both run/ran ponzi schemes. Brown's is the UK state workforce and pension scheme that relies on more new entrants all the time. Also similar numbers £50-£150 billion just disappear when Brown gets his hands on it.
Gardon Madoff (made off) with the Uk finances.
- Billy, Bremner, 19/12/2008 14:52
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