UK's Brown calls for major European economic reforms Brown hit out against what he called 'untargeted and distortive state aids that prevent full and fair competition' and called for pro-active competition policies and a sustained commitment to regulatory reform.
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UK's Brown calls for major European economic reforms
10.13.2005, 08:00 AM
LONDON (AFX) - Chancellor of the Exchequer Gordon Brown today called for major economic reforms in Europe in order to tackle unemployment and lift anaemic growth levels.
Brown hit out against what he called 'untargeted and distortive state aids that prevent full and fair competition' and called for pro-active competition policies and a sustained commitment to regulatory reform.
On the jobs front, Brown asked for modern social and labour market policies to help those without work find new jobs.
Additionally, he called for childcare to help parents overcome barriers to work. He also called for reform of tax and benefits to make work pay.
Europe should take a leading role in the forthcoming Hong Kong trade talks and reject protectionism, he said, adding that Europe must press for the deal that will completely open markets to exports from developing countries.
'Our task now and in the years to come is to equip Europe for the 21st Century through structural and budgetary reform, social reform, regulatory reform and trade reform - creating a Global Europe that becomes more competitive as the route to delivering full employment,' Brown said.
During Treasury questions in the House of Commons, Brown said Europe's economic problems were a 'source of anxiety' and 'not a source of celebration'.
Europe, he stressed, is the UK's biggest economic trading partner and low growth there depresses economic activity back home.
Brown also repeated that the government's spending plans are 'perfectly affordable' even though sky-high oil prices will dent economic growth this year.
The Chancellor will update his economic forecasts in his pre-budget report, expected to take place in late November.
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