News Article - 13 October 2008
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The meeting of G7 to discuss the world economy on Friday has resulted in what has been described as an "aggressive action plan" by the US treasury secretary.

Henry Paulson has been at the centre of pivotal discussions in the US concerning the state of the national and international economy in the continued financial downturn.

The most recent G7 meeting in Paris, France came amid market conditions that were "severely strained", particularly in the US where a housing correction is considered to have sparked the global crisis.

This meeting also follows a co-ordinated cut in interest rates by major world central banks on October 8th, ahead of the scheduled Bank of England announcement.

Speaking at the Paris meeting, Gordon Brown said: "This has been a very important day. No one country can solve what is a global financial problem on its own. We will have to work together."

In addition to a cutting the base rate of interest by 0.5 per cent, the government last week announced a rescue plan to bolster the banking sector and help it control costs.

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