HISTORIC PRESS RELEASE : Prime Minister Gordon Brown pledges new thinking on economy [October 2008]

The press release issued by 10 Downing Street on 27 October 2008.

Gordon Brown has stressed the importance of “new thinking” in order to deal with the credit crunch and equip the UK economy for success in the 21st century.

Speaking to business leaders and academics at Imperial College, London the PM said the Government was taking the right long-term decisions on issues such as nuclear power, the planning system and infrastructure projects such as Crossrail. Providing skills and training will also help meet demand for labour in areas such as the environment and technology, sectors that could boost employment just as IT did in the 90s, he said.

Mr Brown added that the credit crunch had revealed not only an issue with liquidity but also a systemic problem in financial markets that can only be tackled through global reform. Steps that should be taken include the creation of an early-warning system and the making the International Monetary Fund more like a central bank, he said.

The issue of financial reform will dominate the agenda at a special international summit to be hosted by US President George Bush in November.