Chancellor signs up Greenspan as adviser

Gordon Brown has pulled off a coup by persuading Alan Greenspan, the outgoing chairman of the US Federal Reserve, to become one of his advisers.

Mr Greenspan, who retired on Tuesday after 19 years, will offer advice on global economic change as the Chancellor prepares for a series of meetings with world business leaders.

He will not be paid for his work, which will involve advising Mr Brown on "mutually agreed themes". He will pay regular visits to London for talks with the Chancellor and will brief Mr Brown during trips to the US.

Mr Greenspan, 79, has been described "the most powerful person in the world". He won praise for steering the US economy through a sustained period of economic growth despite disruptions such as the stock market crash of 1987, the bursting of the dotcom bubble and the 11 September terrorist attacks.

Last week, the Chancellor praised Mr Greenspan as "not only one of the world's most outstanding economic policymakers, but the greatest economist of his generation".