Gordon Brown & Kevin Rudd press conference

Gordon Brown & Kevin Rudd press conference; Brown press conference SOT - We've already made some progress in advance of the summit / Taken co-ordinated action, co-ordinated cuts in interest rates, cuts in taxes, increases in spending / Economics of doing nothing but spending cuts and retrenchment has been firmly rejected in almost every country across the globe / Action has also been taken in Britain, America and Australia & other countries to tighten financial regulation & we're bringing regulatory structures into line with reality of global 21st century markets / The fact of this meeting already resulted many tax havens committing to end their worst practises & all this would have been unthinkable a year ago / Still more to do over next few days to put global economy on path back to recovery / Need to agree principles for tighter financial regulation including hedge funds and the shadow banking system / That will mean more accountability, transparency & new approach to pay and bonuses that replaces old excesses / Rewards should be for responsible long-term success / I believe we are ready to reaffirm our commitment to global markets and open trade & that means govts and international institutions agreeing to step in & provide support for trade finance / We need to do what is necessary to support growth, push back against global recession & supporting families and businesses / Developing countires accounted for seventy per cent of global economic growth in the past decade & their success is the key to our future prosperity and it is vital that they have resources to deal with their banking problems / This is a decisive moment for the world economy, growth has stalled round the world / We can either let recession run its course, that is a do nothing approach wil lead further into recession / Or we can fight back / This is the test we face and the test we will meet in London this week
Gordon Brown & Kevin Rudd press conference; Brown press conference SOT - We've already made some progress in advance of the summit / Taken co-ordinated action, co-ordinated cuts in interest rates, cuts in taxes, increases in spending / Economics of doing nothing but spending cuts and retrenchment has been firmly rejected in almost every country across the globe / Action has also been taken in Britain, America and Australia & other countries to tighten financial regulation & we're bringing regulatory structures into line with reality of global 21st century markets / The fact of this meeting already resulted many tax havens committing to end their worst practises & all this would have been unthinkable a year ago / Still more to do over next few days to put global economy on path back to recovery / Need to agree principles for tighter financial regulation including hedge funds and the shadow banking system / That will mean more accountability, transparency & new approach to pay and bonuses that replaces old excesses / Rewards should be for responsible long-term success / I believe we are ready to reaffirm our commitment to global markets and open trade & that means govts and international institutions agreeing to step in & provide support for trade finance / We need to do what is necessary to support growth, push back against global recession & supporting families and businesses / Developing countires accounted for seventy per cent of global economic growth in the past decade & their success is the key to our future prosperity and it is vital that they have resources to deal with their banking problems / This is a decisive moment for the world economy, growth has stalled round the world / We can either let recession run its course, that is a do nothing approach wil lead further into recession / Or we can fight back / This is the test we face and the test we will meet in London this week
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Editorial #:
691916514
Collection:
ITN
Date created:
30 March, 2009
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Rights-ready
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Not released. More information
Clip length:
00:03:05:03
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576 25i
Source:
ITN
Object name:
r30030910_3627.mov