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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > International > Article Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Environment Health Science Special Coverage Video Pictures The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters You Witness News Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Britain's Brown sees enormous economic challenge ahead Wed Dec 31, 2008 7:04pm EST Email | Print | Share | Reprints | Single Page [-] Text [+] LONDON (Reuters) - Britain faces an "enormous economic challenge" in 2009 but it must also grasp opportunities for future growth, Prime Minister Gordon Brown said on Thursday. The year ahead "won't be easy," Brown warned in a New Year's message, but he voiced optimism that the British people would respond to the challenge. "We can meet the security challenge, the environmental challenge and the enormous economic challenge," he said. Britain is sliding into recession after being hard hit by the credit crunch. The economy contracted at its sharpest rate since the early 1990s in the third quarter of 2008. Brown's government has been forced to step in to nationalize two banks and to take stakes in several others. The scale and speed of the global financial crisis had been almost overwhelming at times, Brown said, leaving people "bewildered, confused and sometimes frightened." Brown, long a champion of "light-touch regulation" for London's financial district, said 2008 was the year in which "an old era of unbridled free market dogma was finally ushered out." He said that, despite the downturn, there were great opportunities for Britain, singling out the technology, environment and transport sectors as potential growth areas. "We must prepare ourselves for these massive opportunities as the world economy doubles in size over the next two decades," he said, pledging to work with U.S. President-elect Barack Obama to create a "global coalition" to tackle climate change. In a thinly veiled attack on the opposition Conservatives, Brown said British governments in previous downturns had cut back investment. "This will not happen on my watch," he said. CLASH WITH CONSERVATIVES Brown is spending billions of pounds on an economic stimulus plan that will sharply increase government borrowing. The opposition Conservatives, ahead in the opinion polls, attack Brown's spending plans as unsustainable. In his New Year's message, Conservative leader David Cameron accused the government of wasting billions of pounds on "useless schemes" such as a temporary cut in sales tax. Cameron said the Conservatives must offer constructive ideas to help keep people in work and in their homes and to make sure the recession is as "short, shallow and painless as possible." The Archbishop of Canterbury, Rowan Williams, focused on moral aspects of the financial crisis in his New Year's message, to be broadcast on BBC television on Thursday. The spiritual head of the Anglican Church acknowledged that many people felt anxious and insecure about the coming year because of fears about disappearing savings, lost jobs and home repossessions. Continued... View article on single page Share: Del.icio.us Digg Mixx My Web Facebook LinkedIn Next Article: Indian Muslims under pressure in Mumbai aftermath Also on Reuters Tech companies push stylish, personal design Video Video: A look back at Wall Street's year of turmoil Sharks have wimpy bites, study finds More International News Israel rebuffs Gaza truce call, mobilizes troops | Video Pakistani investigators find Mumbai link: report U.S. vacates Baghdad palace ahead of handover Bangkok fire kills 58 New Year clubbers | Video Indian Muslims under pressure in Mumbai aftermath More International News... Editor's Choice Slideshow A selection of our best photos from the past 24 hours. 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