Gordon Brown says that the UK has already taken steps to assuage concerns over government borrowing with a plan to cut the budget deficit by half over four years.
The PM told reporters at a regular press conference “We have assured people that, as a result of our deficit reduction plan that we announced in our budget in April that we are taking the necessary action to cut our deficit in half..probably ahead of other countries.” adding “The world itself will have to come to a conclusion about how it deals with what has been a necessary one-off adjustment to the problems of globalisation – -which is failure of the financial sector – not problems unique to one country.”
Cable sits up at 1.6710, having extended its recovery from Fitch-induced 1.6602 session low.
