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Gordon Brown promises to pull Britain out of recession

November 11, 2009 by admin  
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The Prime Minister, Gordon Brown, recently promised in a podcast that he would pull Britain out of recession.

His promise came after shock figures released recently revealed that the economy had once again shrunk by around 0.4 percent despite hopes that the economy had improved, which means that Britain is now in its longest ever recession.

However, the Prime Minister claims to be able to pull the nation out of recession by the end of year.

Brown said that he would be looking at reforms within the financial sector to make the end of the recession a reality for the UK, and in his podcast he boldly stated: ‘My pledge to you is to make reform of the financial sector a reality and to see Britain’s economy return to growth by the turn of the year.’

Amongst his plans for the financial sector was a crackdown on credit cards, and proposals relating to this crackdown have already been put forward by the government.

The Prime Minister also said that ‘the battle to stop this global downturn becoming a second Great Depression is being won’ but added that despite ‘confidence beginning to return in some areas’ caution still needed to be exercised.

He released his podcast on the eightieth anniversary of the Wall Street crash, with his speech being released on both the Number 10 website and on YouTube.

With regards to the crackdown on the credit card sector Brown went on to state: ‘We are announcing measures to make the credit and store card companies clean up their act to get you a fairer deal. Sharp practices by lenders – such as hiking interest rates on existing debts without explanation, sending out unsolicited credit card cheques and raising credit card limits without being asked – these sharp practices should end.’

Tags: longest recession, shock, promise, britain recession, caution, credit card sector, recession, credit card limits

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