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

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To: shades who wrote (50617)	5/5/2006 6:28:10 AM
From: shades	Read Replies (1) of 116555

UK Chancellor:Renewal Of Governing Party "Must Start Now" . LONDON (Dow Jones)--U.K. Chancellor Gordon Brown Friday described the governing Labour Party's poor performance in a local election as a "warning shot" for the government, and said the party must now start to "renew itself." Brown was speaking after local elections in around one third of the U.K. which saw Labour's share of the vote fall to around 26% from around 35% at last year's general election. Brown said the results were "a warning shot for us as a government." "There's always a protest vote at this stage of a parliament," the chancellor said. "We have to renew ourselves as a party to address the challenges ahead." Brown said the government's priorities should now be to tackle issues relating to law and order, work-life balance and the environment. Brown didn't divert from his customary line when asked about the future of Prime Minister Tony Blair. He said Blair had said he would step down before the next general election - due by 2009 - and there would be an orderly transition process. Brown is widely seen as Blair's likely successor. Brown said Blair had "done a brilliant job" as prime minister but added the renewal of the Labour Party "must start now." The opposition Conservative Party was were the main beneficiary of Labour's woes, making big gains in their best results since 1992 -By Andrew Peaple, Dow Jones Newswires; 44 20 7842 9270; andrew.peaple@dowjones.com (END) Dow Jones Newswires May 05, 2006 03:40 ET (07:40 GMT) Copyright (c) 2006 Dow Jones & Company, Inc.- - 03 40 AM EDT 05-05-06

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