Mr Brown has said that any potential tax changes are a matter for the pre-Budget report, expected next week.
In his annual speech at the Lord Mayor's Banquet, Mr Brown said that "people are looking to governments for action" in helping them through the troubled economic times.
He drew attention to planned fiscal stimulus packages in Germany and the US as well as China's move to pump $600bn in its economy, all aimed at encouraging people to spend more.
"With Britain continuing to lead the debate, economic recovery will work better if we all work together," he said.
"The benefits of any individual country's fiscal action will be all the greater if this is part of a concerted and fairly distributed international response to maintain global demand."
The BBC's Nick Robinson said Mr Brown was dropping hints that he would be prepared to borrow more to fund tax cuts but that nothing was certain until the details were confirmed.
Asked about possible tax cuts earlier in the day, Mr Brown said petrol duty had been frozen and people were already getting £120 back in their income tax - the government raised the personal tax allowance following the 10p tax row.
Labour: Raised personal tax allowance to benefit basic rate taxpayers by £120 this year after 10p tax row, stamp duty threshold raised, 2p fuel duty rise postponed. Any further cuts expected to come in pre-Budget report
Conservatives: Abolish stamp duty for first time buyers on homes up to £250,000, raise inheritance tax threshold to £1m, cut corporation tax from 28p to 25p, encourage council tax freeze. Expected to unveil more tax cuts on Tuesday
Lib Dems: Have already pledged to cut spending by £20bn to help fund tax cuts for low and middle-income families by cutting basic rate from 20p to 16p. Would remove tax loopholes for the rich
He said it was time to "rebalance the tax system to make it fairer" by removing "loopholes" that benefit only the rich on capital gains and tax relief on pension contributions, as well as clamping down on tax avoidance and introducing more green taxes.
Former Chancellor Ken Clarke said previous efforts to boost economic demand had clearly not worked and called for cuts in VAT to encourage consumers back into the shops.
In Monday's speech, Mr Brown also argued that world leaders have a major opportunity to rebuild the international financial system.
Ahead of a meeting of leaders of the world's 20 major economies in the US at the weekend, Mr Brown said that recent co-ordinated global action during the credit crisis showed the potential of a stronger multilateralism, with US and Europe in the lead.
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