London G20: $1 trillion fight-back starts here


London G20: $1 trillion fight-back starts here
Gordon Brown says the recovery against the global recession has begun with a package of stimulus measures worth $1 trillion today announced at the London G20 summit.

Pledging "global action for global problems", the prime minister unveiled $750 billion worth of new resources for the International Monetary Fund, which includes $250 billion strong special drawing rights.

"The old Washington consensus is over," Mr Brown said.

"This is the day that the world came together to fight back against the global recession.

"Not with words but with a plan for global recovery and for reform."

Today's announcement, which follows two days of talks, would be no quick fix, the prime minister said.

Instead he pledged six steps to shorten the recession.

  • Reform of the banking and shadow banking industries, including regulation for hedge funds and an end to tax-tax havens
  • A comprehensive 'cleaning-up' of banks
  • The largest-ever macro-economic stimulus in history
  • Increase independent scrutiny for international financial organisations to help combat poverty
  • A $300 billion kick-start in trade financing and $50 billion for the world's poorest people
  • Commitment to meet later this year at a follow-up summit

"We have begun the process," Mr Brown said. "A new world order is emerging, one of progressive cooperation, that will demand responsibility from, and deliver fairness, to all."

Bookmark with:
Bookmark with: Digg Digg Bookmark with: Delicious Bookmark with: Reddit Reddit Bookmark with: StumbleUpon StumbleUpon Bookmark with: Google Google Bookmark with: Technorati Technorati Bookmark with: Netvouz Netvouz

Latest News:

Search News
News Front Page
Accountancy / Tax
Advertising / PR
Armed Forces
Aviation / Aerospace
Banking / Finance
Charities / Voluntary
Childcare / Youth
Construction / Property
Customer Services
Education / Training / Teaching
Emergency Services
Engineering / Electronics
Entertainment / TV / Theatre
Graduate Roles
HR / Recruitment
Health / Beauty
Hotel / Catering / Restaurants
IT / Internet
Insurance / Pensions
International / Overseas
Management / Business
Manufacturing / Industry
Media / New Media / Creative
Medical / Healthcare
Pharmaceutical Industry
Public Sector
Retail / Wholesale
Sales / Purchasing / Marketing
Science / Technology
Secretarial / PA / Admin
Skilled / Semi-skilled Manual
Transport / Logistics
Travel / Tourism / Leisure