Downing Street Says

» Thursday, November 6, 2008

Economy

Asked what the Prime Minister was hoping to get from the Brussels meeting tomorrow, the PMS replied that we had set out our position on many occasions now in terms of what we thought the overall shape of a package of reforms to the international economy and international financial situation should be. That was reforms to financial architecture, the role of economic policy including fiscal policy, the need to have better early warning systems in place, the need for immediate action in order to stop the contagion effects of the crisis including additional resources for the IMF, and the need to make progress on a world trade deal. These were the issues that we would be discussing with our international partners in the run up to the world leaders meeting, including at the Brussels summit tomorrow.

Put that there was a suggestion in the Financial Times yesterday that the UK did not want the EU to present too detailed proposals, the PMS replied that he had seen the FT piece and he did not think the reporting was as accurate as it normally was in terms of presenting the UK position.

Asked if there would be a specific push on tax havens, the PMS replied that our main focus was the action that we were trying to take in order to deal with the current financial crisis, and what we could do around the globe in order to get our economies moving again. As far as we were concerned these were the priority issues.

Asked if the UK was happy with the package and the input so far from the Finance Ministers who met earlier this week, the PMS replied that we had no difficultly with the outcome of ECOFIN; it seemed to be based very much on the proposals that the Prime Minister had been advocating over the past year.

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Economy

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