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| Version 0 | Version 1 |
|---|---|
| PM and bank bosses discuss crisis | PM and bank bosses discuss crisis |
| (about 6 hours later) | |
| Prime Minister Gordon Brown is preparing to meet leading City figures in Downing Street amid rising concerns over the global economic crisis. | |
| He is expected to discuss the credit crunch and its effect on the UK. | He is expected to discuss the credit crunch and its effect on the UK. |
| The meeting, with figures including heads of major lending banks, comes a day after Mr Brown insisted keeping the economy on track was his "sole focus". | The meeting, with figures including heads of major lending banks, comes a day after Mr Brown insisted keeping the economy on track was his "sole focus". |
| Downing Street said the talks were not a crisis summit and had been on the diary for some time. | Downing Street said the talks were not a crisis summit and had been on the diary for some time. |
| They come as the Royal Institution of Chartered Surveyors is reporting a fall in the cost of property during March. | They come as the Royal Institution of Chartered Surveyors is reporting a fall in the cost of property during March. |
| The proportion of surveyors claiming prices are falling hit a new high during the month, with 78.5% more saying the value of property had dropped than those who reported a rise, it added. | The proportion of surveyors claiming prices are falling hit a new high during the month, with 78.5% more saying the value of property had dropped than those who reported a rise, it added. |
| 'Insecurities' | 'Insecurities' |
| The Treasury's inflation figures for March are also due out - February's rate of 2.5% was above the Bank of England's 2% target. | The Treasury's inflation figures for March are also due out - February's rate of 2.5% was above the Bank of England's 2% target. |
| Mr Brown will travel to the US this week to meet finance chiefs to discuss the global credit crisis. | Mr Brown will travel to the US this week to meet finance chiefs to discuss the global credit crisis. |
| The prime minister has also faced difficulties over the decision to axe the 10p starting tax rate. | The prime minister has also faced difficulties over the decision to axe the 10p starting tax rate. |
| On Monday, he said: "This government is aware of the insecurities people feel... We are going to continue, as we did when faced with difficult decisions in 1998 and 2004, to do everything in our power to keep the economy moving forward." | On Monday, he said: "This government is aware of the insecurities people feel... We are going to continue, as we did when faced with difficult decisions in 1998 and 2004, to do everything in our power to keep the economy moving forward." |
| Mr Brown added that he was "utterly satisfied" he was taking the right steps. | Mr Brown added that he was "utterly satisfied" he was taking the right steps. |
| 'Sorrow' | 'Sorrow' |
| But Labour MP Graham Stringer, who is among those opposed to the abolition of the 10p rate, said: "There is no doubt that people's expectations were extremely high when Gordon became PM and I think it's those high expectations not being realised that has disappointed. | But Labour MP Graham Stringer, who is among those opposed to the abolition of the 10p rate, said: "There is no doubt that people's expectations were extremely high when Gordon became PM and I think it's those high expectations not being realised that has disappointed. |
| "And that comes over. It's sorrow, more than anger, with Gordon." | "And that comes over. It's sorrow, more than anger, with Gordon." |
| Meanwhile, Chancellor Alistair Darling has urged banks to pass on the benefit of last week's interest rate drop - from 5.25% to 5% - to borrowers. | Meanwhile, Chancellor Alistair Darling has urged banks to pass on the benefit of last week's interest rate drop - from 5.25% to 5% - to borrowers. |
| Mr Darling is to hold a separate meeting with mortgage lenders next week. | Mr Darling is to hold a separate meeting with mortgage lenders next week. |
| Meanwhile, the Times reports that Trade Minister Lord Jones has said that he wants to stand down before the next general election. | Meanwhile, the Times reports that Trade Minister Lord Jones has said that he wants to stand down before the next general election. |
| Shadow chancellor George Osborne said "the failure of the government's economic policy" was at the root of its problems. | Shadow chancellor George Osborne said "the failure of the government's economic policy" was at the root of its problems. |
| Liberal Democrat treasury spokesman Vince Cable said not enough had been done to avert the banks crisis, adding: "Ministers must now act to ease the tax burden on the lower paid and intervene to ensure that spiralling debt costs do not lead to a recession." | Liberal Democrat treasury spokesman Vince Cable said not enough had been done to avert the banks crisis, adding: "Ministers must now act to ease the tax burden on the lower paid and intervene to ensure that spiralling debt costs do not lead to a recession." |
| A Financial Times/Harris opinion poll suggests 68% of voters are "not confident at all" in Labour's ability to handle the crisis. | A Financial Times/Harris opinion poll suggests 68% of voters are "not confident at all" in Labour's ability to handle the crisis. |