Brown: I will take us out of recession

Gordon Brown has vowed to lead the UK out of recession by the end of the year and announced a crackdown on sharp practice by credit card providers.

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Gordon and Sarah Brown at the Labour Party Conference, Brighton 2009
Recession busting: Gordon Brown insists he can lead the UK out of recession this year
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The Prime Minister said he would continue to act on excessive bonuses in the financial sector following the news that the UK economy was stuck in its longest ever recession.

He said: 'My pledge to you is to make reform of the financial sector a reality and to see Britain's economy return to growth by the turn of the year.'



Brown added that 'the battle to stop this global downturn becoming a second Great Depression is being won' but said caution was needed despite 'confidence beginning to return in some areas.'

The Prime Minister made his comments in a podcast released on YouTube and the 10 Downing Street website marking the 80th anniversary of the Wall Street Crash.

Brown criticised credit card companies and pledged further reform to the financial sector in the wake of the FSA's announcement of new mortgage proposals.

He said: 'We are announcing measures to make the credit and store card companies clean up their act to get you a fairer deal.

'Sharp practices by lenders - such as hiking interest rates on existing debts without explanation, sending out unsolicited credit card cheques and raising credit card limits without being asked - these sharp practices should end.'

In a rebuke to calls to cut Government spending and the Conservative's pledges to do so, Brown said: "Now, more than ever, is the time for steady and clear policies. That is why it would be suicidal to put recovery at risk by suddenly cutting off the funding and investment that is supporting young people, families and businesses through the most challenging times in a generation.'

The Prime Ministers comments followed a week in which anger has grown at the level of prosperity being enjoyed in the City. News of big bonuses is sweeping the banks and trading floors after investment banking divisions have reaped large profits from the recession and the stock market has leapt by 50% from its low in March.

Public anger has been directed at the perception that banks are returning to the practice of large bonuses rewarding short-term gains less than a year after most major financial institutions had to be bailed out and the sector required global government intervention to prop it up.

Brown added his voice to the criticism, saying: 'We must bring financial markets into closer alignment with the values that everybody holds: hard work, responsibility, integrity and fairness.'