Prime Minister Gordon Brown said on Thursday that he and US President George W. Bush would be doing whatever is necessary to ensure that the UK and US economies resume their paths of upward growth.

Speaking at a joint news conference the Prime Minister said, We agreed our determination that in advance of the July G8 meeting in Japan, where all the major economies will meet together, we will do everything in our power to ensure economic stability and growth, reports Reuters.

Brown said, We should be vigilant in maintaining the pro-active approach to monetary and fiscal policy to enable our economies to resume their paths of upward growthWe want all our international partners to do the same.

The G8 meeting will take place from 7-9 July 2008 in Japan and includes leaders from the UK, Canada, France, Germany, Italy, Japan, Russia and the USA.

The Prime Minister said that quick reform was needed to improve credit-market transparency and also bank risk management practices that would help restore confidence in financial markets.

President Bush said at the press conference that he was hopeful that new legislation and tax rebates would help the US economy.

Bush said, It's beginning to kick in a bit, but the program hasn't really taken effect We feel good this [the rebates] will help our economy, reports Reuters.