Gov't urges private enterprise to play a pro-active role in holding back a recession.

Financial Adviser, April, 2008

Byline: Stefanie Ives

Private initiatives not the government must play a key role in fending off a recession

The Treasury has urged private enterprise to take the lead in handling the credit crisis, while the Bank of England has said that a rapid return to normal market activity is unlikely.

Responding to comments made by the OECD financial markets committee, a spokesman for the Treasury said many of these points had already been covered in Alistair Darling's letter to the G7 and said his priorities remained the same.

He said: "The lead should be taken through private initiatives and not the government. The Treasury's priority remains with ensuring stability in financial markets with emphasis on the regulatory approach in the UK....

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