Gordon Brown suggests world heading for a 'depression'

Times Online, UK

(excerpts)

Gordon Brown appeared to acknowledge for the first time today that the world economy was heading for a 1930s-style “depression”.

Mr Brown stumbled slightly over his words at Commons question time, just a week after admitting that Britain was facing a “deep” recession.

As the financial gloom deepens, he told the Tory leader David Cameron today: “We should agree, as a world, on a monetary and fiscal stimulus that will take the world out of depression.”

Mr Brown said he had made clear over the last few months that “the biggest danger the world faces is a retreat into protectionism”.

He added: “We should make sure that every country is analysed for what it is doing by the WTO to prevent protectionism. It’s also absolutely clear that we should agree, as a world, on a monetary and fiscal stimulus that will take the world out of depression.”

http://www.timesonline.co.uk/tol/new...