Brown: Belt-tightening in Britain likely

LONDON, Dec. 31 (UPI) -- Britain must be prepared to tighten its belt in the wake of a global credit crunch, Prime Minister Gordon Brown said.

Brown said in his New Year's message that Britain should prepare for "global financial turbulence" in 2008, The Observer reported Monday.

"Our strong economy is the foundation," Brown wrote. "With unbending determination in 2008, we will steer a course of stability through global financial turbulence. The global credit problem that started in America is now the most immediate challenge for every economy."

Brown pledged to repeat the financial stewardship he demonstrated as chancellor, when he helped to avoid a recession while facing several global economic crises.

"Just as we withstood the Asia crisis, the American recession, the end of the IT bubble and the trebling of oil prices and continued to grow, Britain will meet and master this new challenge by our determination to maintain stability and low inflation," Brown said.