Remortgage - Brown: 'Cameron doesn't understand'

Published: 19 November 2008
Gordon Brown has accused the leader of the Conservatives and the shadow chancellor George Osborne of not understanding what is currently going on in the world economy.
Responding to a question from Tory leader David Cameron in parliament earlier this week, the prime minister said that at the moment the main problem was inflation - brought on by the credit crunch - but that next year the main issue would be deflation.
He added that in 2009, the concerns about inflation would be "close to zero".
"Unless we take the fiscal action that is necessary now and help businesses and families now, we will be undoing any benefit that can come from monetary policy and cuts in interest rates," Mr Brown explained.
He added that the Conservatives seemed to be the only party that was standing against a growing European consensus.
Paul Dales, UK economist for Capital Economics, has commented that the recent interest rate cuts by the Bank of England - a reduction from 4.5 per cent to three per cent - will not have an effect on inflation levels for some time to come.
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