Brown sets out four-point plan
Chancellor of the Exchequer Gordon Brown has told ministers from the Group of Seven industrial nations in Washington that more must be done to tackle oil price volatility to ensure global economic prosperity and growth is not undermined.
He called on the International Monetary Fund and World Bank to set new data standards for “timely, reliable and transparent information” to enable producers, consumers and investors to make informed decisions.
He urged Opec to return oil prices to levels “consistent” with global economic prosperity.
“If high prices persist, the consequences could become more serious, denting confidence and pushing up inflationary pressures,” he warned.
Mr Brown said a global recovery was underway but it remained “uneven and still fragile”.
Mr Brown unveiled his four-point plan to ministers after world crude oil futures briefly edged past the $50 a barrel mark on stock markets on Tuesday.
Mr Brown made the case for further investment in reserves and production facilities as well better energy efficiency and exploitation of new sources of energy.
He pledged to make international cooperation on tackling climate change a key goal of Britain’s G8 presidency which get underway next year.
Separately, Mr Brown dismissed fears by the IMF over the fragility of the UK housing market.
Mr Brown simply said the IMF’s figures were “out of date”,
“It seems that they are out of date on house prices.
“All their data is from several months ago and we have seen figures showing a change in the housing market since spring.
“They are also out of date on their fiscal figures, because we have announced more spending plans recently. I do not think that has been taken into account”.
The G7 is comprised of Britain, the US, Japan, Germany, France, Italy and Canada. Russia makes up the G8.
