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Last Updated: Tuesday, 13 September 2005, 13:00 GMT 14:00 UK
Full text of Brown's TUC speech
Gordon Brown at TUC conference
It is because we understand the problems faced by hauliers, farmers and motorists at a time of doubling oil prices and because we will never be complacent that the first action we must take is to tackle the cause of the problem: ensuring concerted global action is taken to bring down world oil prices and stabilise the market for the long term.

First, because this is, at root, a problem of demand outstripping supply, Opec must respond at its meeting on 19 September to rising demand by raising production.

Second, lack of transparency about the world's reserves and plans for their development undermine stability and cause speculation. The world must call on Opec to bring down world oil prices and stabilise the market for the long term to become more open and more transparent.

Third, from the additional $300bn a year in revenue Opec countries are now enjoying and the additional $800bn available to oil producers there must be additional new investment in production and global investment in refining capacity.

Fourth, the search for alternative sources of energy and greater energy efficiency is urgent to ensure both the maintenance of economic growth and tackling climate change, and the World Bank should set up a new fund to support developing countries investing in alternative sources of energy and greater energy efficiency.

Fifth, poor countries and poor people should not ever be left defenceless against oil and commodity price shocks and the International Monetary Fund should agree, as a matter of urgency, to create, a new facility for countries hit by these shocks.

And because we have a special duty to help not just the immediate needs but the long-term prospects of the poorest of the world, oil producers should now agree to use their windfall revenues to create a special trust fund where oil producers help debt-ridden poor countries write down their unpayable debts.

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