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Page last updated at 15:43 GMT, Sunday, 16 November 2008

Darling: Economy stimulus needed quickly

The Chancellor, Alistair Darling, said that any measures to stimulate the economy need to be put in place "as quickly as possible".

Questioned about the possibility of tax cuts before Christmas, Mr Darling said: "I am not going to get into trailing what we might do or might not do in a week's time.

"But it is the case that if this is going to work here or anywhere else, you need to do something decisively and you need to do it quickly, so that it has an effect as quickly as you possibly can."

And the R word?

Pressed on whether he agreed with Bank of England Governor Mervyn King that the UK may already be in recession, Mr Darling said: "I said when the last figures came out that we are moving into recession, we won't technically know till January.

"But everybody believes that most major developed countries are moving into recession."

He went on to say: "The key thing is to plan on the basis that our economy has slowed down, it will continue to slow."

Recapitalisation

Jon Sopel also spoke to Lib Dem Treasury Spokesman, Vince Cable. He acknowledged that after the G20 meeting in Washington, DC, the British Government's plan had been at the centre of debate.

He said: "The British initiative... is the one that's got the running, particularly as the American Paulson plan has collapsed, so, yes, some version of the recapitalisation of banks is the model that a lot of countries are choosing, but I think what the other countries are perhaps not aware of is the extent to which that problem... that approach is running into problems here."



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