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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Pogeu Mahone who wrote (12277)	9/27/2004 9:32:44 AM
From: mishedlo	Read Replies (1) of 116555

UK´s Brown signals concern about ´fragile´ global recovery Monday, September 27, 2004 6:39:39 AM UK's Brown signals concern about 'fragile' global recovery BRIGHTON, England (AFX) - Chancellor Gordon Brown will warn public sector unions not to jeopardise his spending plans with above-inflation pay claims as he expresses his concern about the "fragile" global economic recovery. In extracts released by aides from his keynote speech to the Labour Party conference here, Brown said he will reassure the G7 and IMF in meetings in Washington later this week that he will "take no risks with inflationary pay deals" The IMF will on Thursday release its half-yearly World Economic Outlook with a two-day official meeting scheduled to start in Washington on Saturday IMF head Rodrigo Rato told the El Pais newspaper that the world economy is in its best shape for five years, but added that the US budget deficit and sluggish European growth pose problems With a General Election expected next year, Brown will also warn against "irresponsible pre-election promises" "Facing a global recovery that is uneven and is still fragile, where oil prices have doubled and imbalances have worsened, I will tell the G7 and IMF when I travel to Washington later this week that we will take no risks with inflationary pay deals," he will say "No short-termism. No easy options, no irresponsible pre-election promises." The chancellor is also expected to say that "tough long term fiscal and monetary decisions for Britain" are necessary "to entrench and retain the trust of the people on the economy and pay for much needed reforms and investment in public services" "Let me say honestly to the party and the country that in meeting the long term challenges ahead we must and will take no risks with the long term policies for stability and prudence I have and will set out." Brown is on a collision course with the public sector unions over his plans to relocate thousands of civil servants away from the South East and make another 100,000 redundant to save money fxstreet.com

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