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Brown plays the global statesman Brown plays the global statesman
(20 minutes later)
By Jorn Madslien Business reporter, BBC News Mr Brown said helping the economic recovery was his main concernBy Jorn Madslien Business reporter, BBC News Mr Brown said helping the economic recovery was his main concern
As Prime Minister Gordon Brown took to the stage at the annual CBI conference, he seemed eager to play the part of the global statesman.As Prime Minister Gordon Brown took to the stage at the annual CBI conference, he seemed eager to play the part of the global statesman.
Strong growth across the world, secured through solutions hammered out by international forums such as the G20, are vital to stimulate trade and investment, create jobs and thus help pull the UK out of recession, he told business leaders.Strong growth across the world, secured through solutions hammered out by international forums such as the G20, are vital to stimulate trade and investment, create jobs and thus help pull the UK out of recession, he told business leaders.
"International economic cooperation is not now a luxury but a necessity," he said."International economic cooperation is not now a luxury but a necessity," he said.
Few here disagreed with this vision, though it did not seem to excite many either.Few here disagreed with this vision, though it did not seem to excite many either.
It was only when Conservative Party leader David Cameron took to the stage they got fired up.It was only when Conservative Party leader David Cameron took to the stage they got fired up.
"For Labour, getting the economy growing is all about government action and big public spending," Mr Cameron said."For Labour, getting the economy growing is all about government action and big public spending," Mr Cameron said.
"Whereas our approach is much more about asking 'how can we start the engine of private enterprise'.""Whereas our approach is much more about asking 'how can we start the engine of private enterprise'."
The leaders of the two largest political parties applied different rhetorical routines in their presentations, and there was little doubt that Mr Cameron's focus on domestic concerns won him favour with many.The leaders of the two largest political parties applied different rhetorical routines in their presentations, and there was little doubt that Mr Cameron's focus on domestic concerns won him favour with many.
"Mr Cameron owned the floor," according to Rudi Plaut, chairman of Northmace & Hendon."Mr Cameron owned the floor," according to Rudi Plaut, chairman of Northmace & Hendon.
Praise for BrownPraise for Brown
But it was not an all-out victory for Mr Cameron.But it was not an all-out victory for Mr Cameron.
Mr Brown said helping the economic recovery was his main concern Mr Cameron said there should be no delay in reducing debt levels
Mr Brown also earned praise, both for his global focus and for his efforts to boost infrastructure developments through investment in the energy sector and in high-speed rail links.Mr Brown also earned praise, both for his global focus and for his efforts to boost infrastructure developments through investment in the energy sector and in high-speed rail links.
"That went better than expected," said Mr Plaut after Mr Brown's speech, praising his commitment to nuclear newbuild."That went better than expected," said Mr Plaut after Mr Brown's speech, praising his commitment to nuclear newbuild.
While an executive from Indian software firm Wipro echoed the prime minister's view that developments in India and China are vital to the UK economy's future.While an executive from Indian software firm Wipro echoed the prime minister's view that developments in India and China are vital to the UK economy's future.
With most business leaders here choosing to focus on the differences between Mr Brown and Mr Cameron, Liberal Democrats leader Nick Clegg got little attention, beyond sniffy comments about his frontal assault on what he called "unearned wealth".With most business leaders here choosing to focus on the differences between Mr Brown and Mr Cameron, Liberal Democrats leader Nick Clegg got little attention, beyond sniffy comments about his frontal assault on what he called "unearned wealth".
Mr Clegg's insistence that as government spending is cut, companies must accept that there will be fewer government contracts for them to pitch for also got a quiet response.Mr Clegg's insistence that as government spending is cut, companies must accept that there will be fewer government contracts for them to pitch for also got a quiet response.
Repaying debtRepaying debt
The party leaders agreed that the UK's ballooning budget deficit should be cut as soon as possible, though did not agree about how quickly that would be.The party leaders agreed that the UK's ballooning budget deficit should be cut as soon as possible, though did not agree about how quickly that would be.
One of the biggest risks would be to withdraw [support] too early Dominique Strauss-Kahn, IMF managing directorOne of the biggest risks would be to withdraw [support] too early Dominique Strauss-Kahn, IMF managing director
Mr Brown described the deficit as an "inevitable consequence" of the global recession, and stressed that curbing fiscal and monetary stimulus too early could hamper a fragile recovery.Mr Brown described the deficit as an "inevitable consequence" of the global recession, and stressed that curbing fiscal and monetary stimulus too early could hamper a fragile recovery.
Whereas Mr Cameron insisted the risks of delaying dealing with the nation's debt, which he said "has doubled in the last five years", were small compared with the risks of acting immediately.Whereas Mr Cameron insisted the risks of delaying dealing with the nation's debt, which he said "has doubled in the last five years", were small compared with the risks of acting immediately.
"Dealing with this deficit is not an alternative to economic growth," he said. "The two go hand in hand.""Dealing with this deficit is not an alternative to economic growth," he said. "The two go hand in hand."
Delays in repaying the debt could lead investors to "doubt our country's creditworthiness", and that could lead to higher interest rates, raising the cost of credit for both companies and consumers.Delays in repaying the debt could lead investors to "doubt our country's creditworthiness", and that could lead to higher interest rates, raising the cost of credit for both companies and consumers.
"That's the greatest single risk to sustained economic recovery," he said."That's the greatest single risk to sustained economic recovery," he said.
Rhetorically, this amounted to a great divide between Mr Brown and Mr Cameron.Rhetorically, this amounted to a great divide between Mr Brown and Mr Cameron.
But CBI director-general Richard Lambert said business leaders were sophisticated enough to see that in practice the two were not a million miles apart.But CBI director-general Richard Lambert said business leaders were sophisticated enough to see that in practice the two were not a million miles apart.
Labour has committed to halve the deficit in four years, whereas if the Tories were to win the next election they would not want to instantly wipe out the deficit either, he reasoned.Labour has committed to halve the deficit in four years, whereas if the Tories were to win the next election they would not want to instantly wipe out the deficit either, he reasoned.
Support still required?Support still required?
Earlier, Dominique Strauss-Kahn, managing director, International Monetary Fund (IMF) said continuous monetary and fiscal support remained vital until a recovery had been firmly established.Earlier, Dominique Strauss-Kahn, managing director, International Monetary Fund (IMF) said continuous monetary and fiscal support remained vital until a recovery had been firmly established.
"In the IMF's view, this kind of support must remain," he said, adding that the Fund predicts the UK would experience strong recovery in 2010 after a "rather bad" 2009."In the IMF's view, this kind of support must remain," he said, adding that the Fund predicts the UK would experience strong recovery in 2010 after a "rather bad" 2009.
"One of the biggest risks would be to withdraw [support] too early," he said."One of the biggest risks would be to withdraw [support] too early," he said.
But business leaders at the CBI conference seemed to disagree.But business leaders at the CBI conference seemed to disagree.
When asked about whether assistance would be curbed too early or too late, a show of hands at the conference suggested the majority fears the government would respond too late.When asked about whether assistance would be curbed too early or too late, a show of hands at the conference suggested the majority fears the government would respond too late.
Rising unemploymentRising unemployment
There are reasons why such concerns may be well founded.There are reasons why such concerns may be well founded.
Mr Strauss-Kahn pointed out that "employment in most economies... including the UK, will not increase in the immediate future".Mr Strauss-Kahn pointed out that "employment in most economies... including the UK, will not increase in the immediate future".
So although "the recovery has started... it is difficult to say the crisis is over when people are still going to lose their jobs", he said.So although "the recovery has started... it is difficult to say the crisis is over when people are still going to lose their jobs", he said.
And as long as people are feeling the pain, politicians will naturally be loath to stop providing assistance.And as long as people are feeling the pain, politicians will naturally be loath to stop providing assistance.