Gordon Brown: 'recession likely'
Updated on 22 October 2008
Prime Minister Gordon Brown admits that the financial crisis is "likely to cause recession" in the UK. Siobhan Kennedy analyses his statement.
Referring to the governor of the Bank of England's comments last night, Mr Brown admitted the UK economy was heading for recession.
"The governor of the Bank of the England said last night that not since the first world war has the international banking system been so close to collapse. And I agree with him.
Having taken action on the banking system, we must now take action on the global financial recession which is likely to cause recession in America, France, Italy, Germany and Japan, and because no country can insulate itself from it, from Britain too."
Siobhan Kennedy discussion
Joining us in the studio was our Business Correspondent Siobhan Kennedy to discuss the prime minister's comments
