Tuesday, September 30, 2008

Brown: US decision 'disappointing'

Brown: US decision disappointing

Washington's decision has plunged the inteernational markets into turmoil
Washington's decision not implement a $700 billion bailout of its banks showed a disappointing lack of decisive action which would not be replicated in the UK, the prime minister has said.Gordon Brown said: "The vote in America is very disappointing. "The governor of the Bank of England, the chancellor and I will take whatever action necessary to ensure continued stability for Britain." Mr Brown attempted to contrast the actions of the British government over Bradford and Bingley, which was part nationalised yesterday, with those in the States. "The stability of our system is something that we are doing everything in our power to maintain. "We have taken decisive action in the last few days and that decisive action has continued over the weekend." Mr Brown said he sent the White House a message calling for "decisive action". His statement coincides with an almost unprecedented day of political overtures from the three main parties. David Cameron made an emergency statement to the Tory party conference saying he would work closely with the government to overcome the economic storm, beginning with support for a banking reform bill announced by Labour last week. Nick Clegg has written to both party leaders calling for everyone to put their proposals on the table. The emergency bailout plan, deeply unpopular with American taxpayers, was rejected by 228 to 205 votes in the House of Representatives. Mr Brown's words were moderate compared to those of Peter Mandleson, New Labour architect and currently EU trade commissioner. Speaking on the BBC's Newsnight programme, Mr Mandelson said: "I feel they've taken leave of their senses, and I hope that in Europe, we will not see politicians and parliamentarians replicating the sort of irresponsibility and political partisanship that we have seen in Washington."

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