Brown's press conference: live blog
Peter Hoskin 4:16pm
1615, Peter Hoskin: Welcome to the Coffee House team's live blog of Brown's press conference. You can watch proceedings by clicking here. Expect much ado about Mandy...
1622, PH: Fascinating footage, so far, of two unattended lecturns. Word is we can expect Brown and Darling to appear in around 10 minutes.
1624, PH: Scratch that - they've appeared now. Brown kicks off: "These are new times ... we're living through the first truly-international, financial crisis". He says his reshuffle will help deal with these new times.
1626, PH: Brown outlines a reorganisation of government to deal with the economy. A new economic council will convene on Monday. Stephen Carter is to fill a new technology minister role.
1628, James Forsyth: Stephen Carter kicked upstairs to the Lords.
1631, PH: Darling now. Stuff on short-selling, deposits etc. that we've heard already.
1632, JF: Darling’s presence by Brown’s side shows how his stock has risen in recent weeks. His worst economic times in 60 years comment seems not to be a gaffe but a prescient warning.
1632, Fraser Nelson: Arise Lord (Stephen) Carter - emine-for-not-writing-your-memoirs. "All governments around the world will be taking similar action to that we've taken today". Really? Will Bush replace Paulson with Jimmy Carter?
1633, FN: New Economic Council - it's a joke. Governments cant legislate for economic recovery. Guido's right, it's like Atlas Shrugged. Any day now we'll be seeing Directive 10-289 For Economic Stability.
1633, PH: Nick Robinson provides the first question. And it's on .... Mandelson. Brown's response: "we need serious people for serious times".
1634, JF: ‘Serious people for serious times’ is the new Brown mantra.
1634, JF: Gordon Brown appears to have been taking lessons in hand gesturing from David Miliband, most disconcerting.
1635, PH: Brown ups the "serious" quotient: "Serious people, dealing with serious issues, in serious times."
1636, FN: "Britain can lead the world in coming out of the difficulties" - Brown is just delusional. We have the highest household debt in the G7 - we'll be one of the last out of this as our bubble was blown even bigger than America's.
1638, FN: "Seious people for serious times" - I can just picture the No10 spin team thinking "we need a headline. what's the headline going to be" and sending him out with this. Mind you, Cameron was same with "man with a plan". It worked. Though I suspect Fleet St has other headlines in mind for tomorrow.
1639, JF: Brown says he is putting aside his personal issues with Mandelson for the good of the country. Rubbish: he’s hoping Mandelson can save his political skin.
1640, PH: The Mirror's Bob Roberts asks a spot-on question about the new economic council: "How does a reorganisation of Government help those people struggling to pay fuel bills?" Brown fails to provide a convincing answer.
1641, FN: Question "many Labour people think you have taken leave of your senses" in appointing Mandy - a serious point. Several Labour MPs are flabbergasted, and there will be a reaction against this. Watch out for the Sunday press.
1642, JF: "Whatever it takes" is Darling’s equivalent of "serious people for serious times"
1644, FN: "Now you've got to realise that the sources of inflation around the world have completely changed". Brown's greatest misjugement was his failure to realise this in 2000 when globalisation kicked in and rendered inflation targetting redundant as an early warning system as imported goods and labour kept the indicator artificially low. Keeping his eye on the wrong meter, Brown made credit too cheap, didnt move to stop the asset bubble and let the Brown Bubble rise. No use him lecturing us on the changing nature of inflation now. Mind you, havent heard a better analysis from Osborne yet.
1648, PH: Darling probed on what "whatever it takes" means in relation to the banking system. Will he be prepared to support any collapsed financial instituion, Northern Rock-style? The Chancellor's response it far from unambiguous, although he doesn't rule anything out.
1649, FN: Michael Crick is right - Mandy's place is in the EU and the Commission should be hopping mad. He played a blinder for his country out there as was perfectly cast in Brussels, out-manouvering them all. Now he's doing a non-job in London, running a non-department which the Tories would do well to abolish. So yes, Brown has plenty explaining to do to the EU. Barrosso gave us the trade commission, the best job on offer, made Mandy the EU's main man - then we pull him for a political stunt. Britain is more poorly-placed in the world as a result of this. Having surrendered power over our trade policy, we need someone on our side doing it at EU level.
1650, PH: Brown has the final word, on there being "nothing more important" than steering the UK through the current economic climate. Then the players depart the stage...
1653, JF: ‘The global economy will never be the same again’: Brown has clearly decided that the best political strategy for him is to play up how dramatic the financial crisis is in the hope that the voters decide they need an experienced hand at the tiller.
1655, FN: Nick Robinson had it spot on with his final question. Brown wants us to think he's set up an "economic war cabinet" hence the COBRA copmarisons. Its a confidence trick, his biggest yet. The UK economy is going through deleveraging, plain and simple. We borrowed too much, we have to pay it back and it's going to hurt. If politicians want to help, they should cut tax and get out of the way. Yet Brown wants to cast himself as our Dear Leader in an economic battle. Mandelson is now starring as the bloodied economic warrior. It's war time - that's today's message. War is peace, and all that.
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Comments
TrevoorsDen
October 3rd, 2008 4:28pmYou would be better off watching Midsomer Murders.
Oh bum! - all this sounds typical Brown. Business Ambassadors - we are all saved!
An economic council - don't we have one of these already? Is it called the Treasury? But anyway an economic council we can all sleep easy.
He just said 'modern maze' instead of 'ways' - - he is spot on.
Tom
October 3rd, 2008 4:36pmCarter gone, interesting. How does that affect the no. 10 team. Who take shis place?
TrevorsDen
October 3rd, 2008 4:40pmThey are wasting time on Mandelson. What about the rising unemployed?
What about the shrinking economy?
What about our banks toxic debts -- OUR banks toxic debts.
In what way is this restructuring govt? Amazing -- the Mirror has asked the right question ie -- Nothing Brown is announcing is really looking at the real problems.
Oh dear -- oh dear .. Brown has discovered whats wrong with the world and is going to to fix it. Be afraid very afraid.
And how? - its a Dept of Economic Affairs --- come back Harold Wilson all is forgiven
David C
October 3rd, 2008 4:42pmBless you Gentlemen.
I nodded off when he mentioned "the world's first truly global..."(at that point I lost conciousness).
Thanks to you I can review the words of our Glorious (and Courageous) Leader without risking narcolepsy.
And how wonderful they are...
TrevorsDen
October 3rd, 2008 4:45pmYou blog - 'highest debt in developed world' So why do the pillocks of the press not nail him with this.
We have had a period of growth and stability says Brown. How is it that the numpties of the press cannot hang him with remarks like this.
If I was not worried about the economic situation before - well I am terrified of it now.
Bocephus
October 3rd, 2008 4:49pmDidn't Mandelson play his part in causing the mortgage crisis by completing an incorrect mortgage application and getting away with it, thus encouraging others to do the same thing?
Oscar
October 3rd, 2008 4:54pmThe hacks let Gordon and Alistair get away with the most vacuous empty soundbites without delving into what this proposal really means. On the face of it sounds like just another tier of bureaucracy without any real power or responsiblity. Yet another set of 'great and good' committees. Setting aside all the questionable assertions about the "brilliance" of Mandelson the whole thing comes across as yet another expensive stunt from the man who is only very serious about keeping his job.
Ethan Hurlington
October 3rd, 2008 4:54pm'Serious', 'New' and 'together' seem to be Brown's buzzwords...
so, what does Brown do? He brings back the old guard, Mandleson - one of the most divisive forces in New Labour.
As for the use of 'serious'...does he think people expect anything different? Thanks Gordon, while the British economy teeters on the edge, due in part to your mismanagement, thanks for not laughing about it...
If I was going to refer to Brown in an Obamaesque way, I would say, he talks about change, but all he is doing bringing in the same old failed architects of our current mess!
Mandleson said Brown contacted him and he certainly didn't expect it... Brown says Mandleson is 'unrivaled' in experience...Brown is desperate...I wonder if he asked Blair, Campbell and Prescott to come back and help with the lifeboats on the sinking ship...
C
October 3rd, 2008 5:15pmIf the Chairman of a FTSE company made a statement like that to the Stock exchange he'd be toast. That these guys are running the economy is actually getting scary.
mark c
October 3rd, 2008 5:17pmglobal crisis ?? maybe a west problem but hardly global .. cash being king the chinese, russians and arabs must be feeling quite smug deciding which of our assets to buy into at at knock down prices. Who better to guide us forward gordo deluded and his best mate straight shooter mandy... we're sunk again
strapworld
October 3rd, 2008 5:19pm'A new way of governing'+ I am bringing in all the people of talent to help our country in these unprecedented times'
NOT ONE HACK asked the question...'If this is a new way of governing, Prime Minister, why have you not asked the other political parties to join a Government of National Unity so that you could have ALL the talented people in those parties at your disposal.
kinglear
October 3rd, 2008 5:20pmIf anyone in this country seriously believes that Brown cna actually do anything to help usibng this shower - and in particular Mandelson - they are utterly deluded. This is nothing but a cynical ploy to try to save his own skin - and utterly predictable from someone without principle or pedigree.
mitch
October 3rd, 2008 5:25pmIs mandelson just back to give the media someone to chase? its only a matter of time before he fouls up again.
oldtimer
October 3rd, 2008 5:40pmWatching this - and his earlier interviews this week - it seems to me that Brown has little idea what to do. That is unsurprising because there is little he, or any other govenment, can do in the face of these financial storms. It is bigger than any of them by significant multiples.
I lived and worked through the 1970s and 1980s when there were other financial storms caused first by the ending of fixed currency regimes (1971 fixed $:gold convertibility ended) and second by the first (1973/4) and second (1980) oil shocks. Those events led to the rise of the Euro$ and the petro$ with enormously disruptive and uncontrollable consequences for governments, businesses and consumers. It took over ten years for any semblance of equilibrium to return.
Today the origin is, in part, different (we still have commodity price inflation) but with a toxic banking crisis of unknown dimension. This is going to take more than a year or two to sort out and before a different kind of normality returns.
Watervole
October 3rd, 2008 5:45pmI thought he already had experience - or so he claimed - so why does he suddenly need all these OAPs?
And if he is devoting all his energies to this financial crisis, why was Brown grandstanding with Michael Winner this morning instead of being at no 10 to tell his ministers in person about the reshuffle.
Having heard the press conference which sounded more like tea with stooges, GB sounds even empties and madder than ever. The man is insane, god help us all.
In appointing Mandelson, Brown only defers the evil day, if not hasten it as Mandy runs true to form.
Oscar
October 3rd, 2008 5:56pmEthan - Campbell is already back and I think Prescott is too in some kind of extra unofficial support role.
Oscar
October 3rd, 2008 5:58pmThere was a very funny moment when asked about Sarkozy's idea for pumping funds into European banks Brown actually said "the idea there's going to be a bank across Europe - there's no currency in that". Might turn out to be the only truthful thing he said.
Athesius the Facilitator
October 3rd, 2008 7:48pmTrevorsden earlier in this piece asked why the press do not hang him with his own words. Could it be that if they get to far on the wrong side of him they will not get the scoops that help to keep them very press hacks in the top spots at the front of the lecturn.
There 'must' I repeat 'must' be a reason for the TV pressmen not asking that killer question that we have all been waiting for.
Perhaps Fraser or one of the other Spectator staff can give us all an honest answer as to why they don't get serious with this bad Prime Minister.
Nicholas
October 4th, 2008 8:00amFor this wretched man to talk about anything "new" after 11 years of the worst government in British history is outrageous. And I'm surprised the media lets him get away with this. It seems that Brown's twin use of the words "experience" and "new" with the media let him have his cake and eat it.
"I'm experienced but not to blame".
"My ideas are new but I'm not a novice".
How many more destructive bites of the same neck is this insufferable vampire going to be allowed before his game is finally, forever up?