Darling pledges to stabilise economy

Source: Exec Digital UK

Date :22/09/2008 09:53:11

Alistair Darling will today, September 22, tell the Labour Party Conference that the party will take 'any steps' to deal with the volatility in global markets.

The Chancellor is expected to tell those gathered at the Labour Party Conference in Manchester: “My immediate priority now is to stabilise the economy, stabilise the financial system...it is important that all governments, no matter wherever they are, live within their means.”

He will also warn that a ‘high degree of international cooperation’ is needed to find a solution.

However, the Chancellor will stop short of following America’s plan to pump billions into ring-fencing banks’ toxic mortgage assets. Last week, the US Government unveiled a US$700 billion plan to restore confidence in the US banking system by pooling together billions of dollars worth of toxic mortgage-backed assets and placing them in a separate vehicle.

Darling will also tell party delegates that he is starting to see signs that inflationary pressures are beginning to ease.