Dealing with the financial crisis

Whilst we won't see the full effects of the agreements for several months at least, what is clear is that the world's leaders have sat up and paid attention, and have agreed a plan of coordinated action to help countries '“ all countries, not just rich ones '“ through the global economic downturn.

Whatever happens, no matter how much state investment, how many tax breaks, bail-outs or job guarantees are given, there will be further job losses, there will be more money lost and the effects of the financial crisis will continue to be felt for a while yet. But there is no denying that a lot has been achieved in the past few weeks. Increased development aid, clampdowns on tax havens, strengthened financial supervision and regulation are huge steps forward.

In addition to the actions agreed at the G20 summit, aimed at stabilising the global economy as a whole, the Government has made a number of national announcements which will benefit people directly.

As of last week, the basic state pension has risen to 95.25 '“ just one of the ways in which Labour is putting money into people's pockets during times of need. People diagnosed with cancer now have access to free prescriptions '“ saving up to 150,000 people around 100 per year. And full time workers will be eligible for an extra 4 days holiday per year - benefiting up to 3.5 million women and 2.5 million men.

These measures and countless others demonstrate genuine commitment to building a better society. Labour is acting to give real help to families and businesses now and real hope for the future. By contrast, the Conservatives do nothing but talk Britain down.

All this exactly ten years since Labour introduced the minimum wage. Thanks to a Labour government '“ and in the teeth of Conservative opposition '“ the National Minimum Wage first started paying into people's pockets in April 1999. Since then it has made a huge difference in making work pay and helping thousands of families out of poverty in Britain.

These are tough times. As yet, the Tories have done nothing to suggest what they would do to deal with the crisis '“ they have merely criticised the Government for supposedly ignoring Britain's problems. But Labour's announcements of extra help for those who need it most have shown that this is clearly not the case. And the G20 summit has shown a clear understanding by Gordon Brown that without the global economy reviving, neither can Britain's.