Gordon promises economic recovery in recent podcast

December 8, 2009

The shock news that was released recently with regards to the economic growth in Britain - or rather the lack thereof - caused more unrest in the UK. It had been widely predicted that the economy would show growth in the third quarter of this year, which would mean that the UK was finally out of recession, but sadly the figures showed that the economy had actually shrunk further by around 0.4 percent, leaving Britain languishing in the longest recession it has ever had to face since records began.

To make matters worse all other major economies in Europe have now announced that they have emerged from the recession having shown economic growth in the third quarter, and a similar announcement has now been made by the United States, which has also shown third quarter growth. This has left Britain lagging behind the other major nations, s it continues to try and pull itself out of recession.

Following the news that the economy has shrunk further the Prime Minister Gordon Brown made a podcast speech where he promised that he would be taking action to ensure that Britain successfully emerged from the recession by the end of the year. His plans to make this happen include a crackdown in the financial sector, and he spoke about his intended reforms in the credit card sector, which he said needed to be changed in order to ensure that customers were being treated more fairly.

Of course, the Tory Party has pounced upon the news that Britain is now lagging behind having failed to emerge from the recession in the third quarter, and members of the Tory Party have said that Britain’s recovery under the Labour government is likely to be a drawn out and ‘feeble’ affair. Whilst Gordon Brown’s actions - or in the opinions of some people lack of action - is being slated by opposition parties as well as some industry groups, the President of the United States, Barack Obama, is receiving praise off the many people that believe that it was his measures that helped to drag America out of recession.

In his podcast, which was broadcast on the Number 10 website as well as on YouTube, the Prime Minister spoke about the problems in the credit card sector. He said: “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.”

He added: “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.”

The PM also addressed the suggestion of the Tory Party that public spending needed to be slashed, stating: “Although there are signs that confidence is beginning to return in some areas, we need to be cautious. Now, more than ever, is the time for steady and clear policies. That is why it would be suicidal to put recovery at risk by suddenly cutting off the funding and investment that is supporting young people, families and businesses through the most challenging times in a generation.”

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