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PPI Claim News - 6/11/2009

 
Mandelson urges Europe to 'get real' on economy

Business secretary Peter Mandelson has suggested that the European Union needs to provide strong leadership to steer the continent back to economic growth.

Commenting on economic policy, Lord Mandelson said that radical change was needed to compete with the US and China.

"We are approaching a decisive break with the economic past – a totally reordered global economy," he said.

Any such move would require banks to change the way they work, which could lead to an increase in bank claims for the likes of payment protection insurance.

"We need policies and structures for this changed world. So it is time that Europe got real," Lord Mandelson added.

He also claimed that the EU's budget priorities were "misaligned" and suggested that new rules could "suppress investment in innovation".

Meanwhile, the Organisation for Economic Co-operation and Development claimed that all major economies across the world are showing strong signs of recovery.

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