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| PM and bank bosses discuss crisis | PM and bank bosses discuss crisis |
| (30 minutes later) | |
| Prime Minister Gordon Brown has held talks with leading City figures in Downing Street amid rising concerns over the global economic crisis. | Prime Minister Gordon Brown has held talks with leading City figures in Downing Street amid rising concerns over the global economic crisis. |
| He met bosses from Lloyds, Barclays, HSBC and Royal Bank of Scotland to discuss "the financial markets and the next steps all need to take". | He met bosses from Lloyds, Barclays, HSBC and Royal Bank of Scotland to discuss "the financial markets and the next steps all need to take". |
| Mr Brown has insisted keeping the economy on track was his "sole focus". | Mr Brown has insisted keeping the economy on track was his "sole focus". |
| Number 10 said the 90-minute talks were not a crisis summit and had been in the prime minister's diary for some time. | Number 10 said the 90-minute talks were not a crisis summit and had been in the prime minister's diary for some time. |
| During the meeting, Mr Brown was expected to urge the bank chief executives to pass on the Bank of England's interest rate cut from 5.25% to 5% to borrowers. | During the meeting, Mr Brown was expected to urge the bank chief executives to pass on the Bank of England's interest rate cut from 5.25% to 5% to borrowers. |
| Help offered | Help offered |
| A Downing Street spokesman said the prime minister had "welcomed the opportunity" to talk to a wide range of financiers about the situation, with further discussions set over the coming days. | A Downing Street spokesman said the prime minister had "welcomed the opportunity" to talk to a wide range of financiers about the situation, with further discussions set over the coming days. |
| He said the financial system was being backed by the Bank of England putting an extra £15bn liquidity into the markets, taking its recent total to more than £50bn. | He said the financial system was being backed by the Bank of England putting an extra £15bn liquidity into the markets, taking its recent total to more than £50bn. |
| Sentiment is at a very low ebb and will continue to remain depressed while the economy suffers from this unique liquidity blight Jeremy Leaf, Royal Institution of Chartered Surveyors Worst housing gloom in 30 years href="/1/hi/uk_politics/7347637.stm">Lord Jones: I believe in Brown class="" href="/1/hi/business/7348014.stm">UK inflation held steady in March | |
| "We have been working with the governor of the Bank of England for some time on further proposals to support the financial system and help the functioning of the money markets," he said. | "We have been working with the governor of the Bank of England for some time on further proposals to support the financial system and help the functioning of the money markets," he said. |
| "In particular to help those segments of the market which have been most affected, building on the consultation on medium-term reforms to the banking system which we published in January." | "In particular to help those segments of the market which have been most affected, building on the consultation on medium-term reforms to the banking system which we published in January." |
| The talks come as the Royal Institution of Chartered Surveyors reported that its members had their gloomiest view of the property market since its survey began in 1978. | The talks come as the Royal Institution of Chartered Surveyors reported that its members had their gloomiest view of the property market since its survey began in 1978. |
| 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' |
| Meanwhile, the Treasury revealed inflation figures for March have held steady at 2.5%, the same as the previous month - above the Bank of England's 2% target. | Meanwhile, the Treasury revealed inflation figures for March have held steady at 2.5%, the same as the previous month - 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. |
| 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. |
| HAVE YOUR SAY Gordon Brown does not have the vision, understanding or leadership qualities to get us out of this situation Keith Brown, St AlbansSend us your comments | |
| Chancellor Alistair Darling is to hold a separate meeting with mortgage lenders next week. | Chancellor Alistair Darling is to hold a separate meeting with mortgage lenders next week. |
| Mr Brown said on Monday that tackling the economy was the government's "sole focus" as he sought to fight off Conservative claims that he was to blame for the crisis. | Mr Brown said on Monday that tackling the economy was the government's "sole focus" as he sought to fight off Conservative claims that he was to blame for the crisis. |
| Conservative leader David Cameron accused Labour of having "wasted money on a gargantuan scale". | Conservative leader David Cameron accused Labour of having "wasted money on a gargantuan scale". |
| "What people are really interested in is what would you do for the future and what I'm saying very clearly is that spending needs to be properly controlled," he said. | "What people are really interested in is what would you do for the future and what I'm saying very clearly is that spending needs to be properly controlled," he said. |
| Shadow chancellor George Osborne said "the failure of the government's economic policy" was at the root of its problems and claimed Mr Brown's reputation was "in tatters". | Shadow chancellor George Osborne said "the failure of the government's economic policy" was at the root of its problems and claimed Mr Brown's reputation was "in tatters". |
| Liberal Democrat treasury spokesman Vince Cable said he hoped the government had taken "a tough line with the banks". | Liberal Democrat treasury spokesman Vince Cable said he hoped the government had taken "a tough line with the banks". |
| "I would hope the meeting this morning was treated as a crisis meeting because it is a very serious situation," he said. | "I would hope the meeting this morning was treated as a crisis meeting because it is a very serious situation," he said. |