Brown calls for global tax cuts
Updated on 14 November 2008
As the G20 leaders gather in Washington to tackle the global financial crisis, Gordon Brown says there is an urgent need for the world to cut its taxes.
As world leaders gather in Washington in the midst of recession and financial crisis, Gordon Brown has called for tax cuts to revive the global economy.
In a speech ahead of the G20 economic summit, the prime minister said there was an urgent need for what he called "a temporary and affordable fiscal stimulus".
It was confirmed today that the Eurozone is now in recession, with output for the 15 nations down 0.2 per cent for the second consecutive quarter.
Germany's output was down by 0.5 per cent. The output of Italy and Spain also fell, but France fared better, with a small increase in its GDP.
While Mr Brown will use the G20 summit to argue for reform of the world financial system, President Bush said it was important to stick to free market principles.
July-September:
Eurozone down 0.2 per cent
Germany down 0.5 per cent
Italy down 0.5 per cent
Spain down 0.2 per cent
France up 0.1 per cent
Source: Eurostat
