» Tuesday, January 20, 2009


The Prime Minister s Spokesman (PMS) began by saying that the Middle East, the economy and the inauguration of the new US President were all discussed at Cabinet this morning.

The Prime Minister led the discussion on the economy as the Chancellor was in Brussels. The Prime Minister reminded Cabinet of the difficult global circumstances; the fact that financial institutions were retrenching around the world, reducing the amounts of global capacity for lending. This was clearly having an effect on the UK, so our first step was to recapitalise the banks last October. Yesterday s announcements were about increasing lending to families who could afford a mortgage but could not get access to one, and credit worthy businesses who needed funds to invest.

The Prime Minister also spoke at Cabinet about the inauguration of the new US President and emphasised the importance of working closely with the incoming US administration. The Prime Minister said that the Government shared many of the same values as incoming President Obama and his team, and was adopting a similar approach to the positions that the incoming President had been setting out regarding some of the global challenges we currently faced.

First and foremost, regarding the economy, Britain and America were taking similar action to deal with problems in credit and financial markets. We also shared similar views on the environment and would work closely together on other global issues such as the conflict in the Middle East.

original source.

Briefing took place at 11:00 | Search for related news

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