Chancellor warns against "economic patriotism"

24-08-2006

Gordon Brown will today warn business leaders against the dangers of "economic patriotism", according to press reports.

Addressing Confederation of British Industry (CBI) representatives in London, the chancellor will stress that the emergence of such a trend within the European Union (EU) is preventing the group of countries from seeing the creation of a single market made into a reality.

Mr Brown allegedly believes that the blocking of recent cross-border corporate mergers provides evidence that "economic patriotism" is growing among some EU countries.

He is expected to stress that Europe must take a lead to end farm subsidies in order to legitimately promote the benefits of globalization to developing countries.

The chancellor will argue that the EU must begin discussions about how to reform Europe's Common Agricultural Policy before 2008, when officials plan to address the issue.

He will also tell the CBI that the international community needs to set a timetable for the end of world trade talks.

Speaking ahead of meetings with EU and G8 finance ministers later this week, Mr Brown will warn that unless Europe takes a lead in promoting free trade the world will risk descending into protectionism and "beggar my neighbour" policies.


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