British prime minister Gordon Brown admitted this evening he could do better but dismissed calls for his resignation, saying he was the best person to guide Britain through the global financial storm.
After a week starting with a mini-mutiny against his leadership and huge falls in stock markets around the world, there was a glimmer of hope for the prime minister with an opinion poll showing the opposition's lead had narrowed.
The poll in today's
Independent, taken as the government brokered an emergency takeover of the country's biggest mortgage lender, gave the opposition Conservatives a 12 point lead over Brown's Labour Party, down from 21.
But, as Labour holds its annual conference in the northern English city of Manchester, doubts remain over whether Brown, who lacks the easy charm of Tony Blair, has any chance of reviving the party's fortunes in time for an election in 2010.
Voters appear fed up with Labour after 11 years in power. The economy, once the jewel in the party's crown, is on the brink of recession for the first time since 1992 with inflation and unemployment shooting upwards.
"I always want to do better and I will do better," Brown told BBC television. "I was Chancellor (finance minister) for 10 years. I have got the experience to deal with these events."
However, a survey for the
Observernewspaper of 35,000 voters in closely-contested constituencies predicted a wipeout for Labour at the next election. Eight cabinet ministers would lose their seats with a Conservative majority of nearly 150.
Fearful of a Conservative landslide, several Labour lawmakers called this week for a new leader, but the revolt failed to gain momentum and in the end four junior members of the government quit or were sacked.
"I am very sceptical personally about his ability to pull it around. And therefore I think he probably should stand down," said Labour's former interior minister and vocal Brown critic Charles Clarke.
But so far no credible challengers have shown their hand and cabinet ministers, some of them tipped to be the next Labour leader, backed Brown at the conference.
"Gordon's unwavering commitment to social justice and the eradication of poverty in good times and bad marks out the character of our leader," James Purnell, the up-and-coming work and pensions minister, told the rally.
Critics say the government has done little to help people cope with the downturn. They also blame Brown for failing to spot the financial crisis coming when he was finance minister, as banks took on ever more risk in their hunger for profit.
As governments around the world wrestle with the fallout from the financial crisis, Brown signalled there may have to be tighter bank regulation and said he would work with other major economies to supervise markets better.