"After years of denials and cover-up, News Group Newspapers has finally admitted the depth and scale of the unlawful activities of many of their journalists at the News of the World and the culture of illegal conduct at their paper, " Mark Thomson, another lawyer representing phone-hacking victims, said in a statement.

WSJ: News Corp. Settles Some Phone-Hacking Cases

So let us work together for the worldwide reduction of interest rates and a scale of stimulus round the world equal to the depth of the recession and the dimensions of the recovery we must make.

BBC: In full: Brown's speech to Congress