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G20 success will bring recovery for world and me, says Brown
Joe Murphy, Political Editor25 Sep 2009
Gordon Brown today said he predicted that historic moves to co-ordinate the world's biggest economies will save jobs - and save Labour at the next election.
Speaking at the G20 summit in Pittsburgh, Mr Brown hailed agreements expected to regulate bank lending, rein in runaway bonuses and for a new charter pledging that the wealthiest countries will work more closely together in future.
The Prime Minister admitted that recent opinion polls were gloomy for his government but believed a successful conclusion to the G20 tonight would bring both economic and political recovery.
"I think what people are saying is that until they can see the results of all the action we have taken in getting the economy back to recovery, they have suspended judgment," he said.
"I accept that I have got to show people that the action that we have taken is bringing results and will bring greater results in the months to come."
Gallery: World leader arrive at G20 summit
The gathering, which follows the successful London summit earlier this year, was expected to sign up to a new charter co-ordinating economic policies to avoid future crises and promote stronger economic growth.
Parallel proposals were being put forward by Mr Brown and US President Barack Obama requiring countries to submit their economic policies for review to ensure that they move in the same direction.
The G20 will be established as the "premier forum" for such co-operation in future, with two summits next year - in Canada and South Korea - and annual summits thereafter.
"Without concerted action there is a danger of years of low growth and low employment," Mr Brown told Sky News. "But with concerted action, I believe that we can have higher growth and get unemployment down."
Leaders were set to continue the one trillion dollar "fiscal stimulus" package agreed in London to support the flagging global economy, despite pressure from some countries for an exit strategy now that recovery is beginning to be felt in some parts of the world.
Mr Brown warned it was too soon to turn off the emergency aid. "We don't yet have a recovery. The recovery is not automatic," he said. "The right thing to do is to maintain the situation where the world is together stimulating each of our economies so that we return to growth. It has got to be done, otherwise you cannot be certain we will return to growth."
Banks will be subject to tougher rules on the amount of capital they keep compared with their lending. And in future bonuses are likely to be linked to their revenues.
Reader views (10)
I cannot believe what Brown is saying he is off his head it is not just about the economy it is about everything else NHS political correctness immigration the debt mountain education the police everything they have meddled in and all this has been in practise since before Scotland joint us and we saved them from bankrupsy and we English have had to save them again. We are fed up of being treated as second class citizens in our own country all these people are not English they cannot be it is a race England is our ancestral home and there our birthright and that of our children and grandchildren it is their gods given right. Brown has tried to get rid of English traditions our identity and replace it with multi cultureism and all that rubbish but I see Scotland is left in tact they still have their traditions and woe betide anyone that tries to get rid of them. So Brown you can be a savour of the world if that is what you think but we want our country back.
- Jacqui Williams, peterborough cambs, 25/09/2009 15:32
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The man is seriously deluded!!!! The country is not!
- Dave, Wanstead, 25/09/2009 13:48
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If the G20 Countries are serious about preventing another banking crash they will re-instate the Glass-Steagall act.
Otherwise they are just kidding themselves on, it was the repeal of this act that gave the banks access to the monies of the risk averse saver who trusted their savings to High St and Main St savings accounts for a modest but safe interest return.
These accounts in turn fuelled the loans for mortgagaes and businesses of neighbours and friends, that was until the bankers got a nod and a wink from Governments in 1999 to plunder them and use them in a casino activity that served no useful social function other than paying bonuses to bankers and increased taxes to Governments on an illusion of profit from buying high risk products that Warren Buffet described as "weapons of financial destruction".
If the G20 Countries listen to America and Britain things will stay the same, as the economies of these two Countries are dependent on a return to the casino action at banks. We will soon know which piper calls the tune, lets hope its for the sensible seperation of banking back to low risk and high risk modules.
- Robert, Dumbarton, 25/09/2009 12:46
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Yea right Gordon but sadly the rest of us live in the REAL world.
These are just a few:-
National Debt Rising.
Income tax set to rise.
Community charge will probably rise significantly next year.
N.I. set to rise.
N.H.S. will probably get cut in real terms.
Many more job loses to come.
Pensions etc cut in real terms.
And there 's more........
Unlike you Mr. Dimwit Brown the rest of us have no guarantee of a massive pension and police protection for the rest of our lives. All these silly dreams you keep having are paid for by us.
Remember that great idea you had when you sold all our gold off cheaply?
- R King, UK, 25/09/2009 12:28
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Hang on, didn't McMitty save the world LAST year?
- Ted, London
Hahaha well said Ted! That's one of the funniest comments I've ever read...
Can someone now PLEASE call the men in white coats to come and wheel "Gutless Brown" away to a Mental Asylum where he clearly belongs.
And as for "making me more popular", let me tell you, NOTHING can ever make you more popular now Gordon - you are a deranged,deluded,bullying,sociopathic and utterly incompetent COWARDLY excuse of an (UNELECTED) PM.
When you finally stop dithering and call an ELECTION (you do you know that word don't you?!) you and your disgusting,overbearing ZaNu-Liebour regime are FINISHED!
- Daniel Howard, London, UK, 25/09/2009 12:22
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The only thing the UK electorate want to see "suspended" is gordon Brown and the rest of this bankrupt & corrupt Government - from the nearest & highest gibbet they can find. Roll on the election.
- Malcolm, London, 25/09/2009 12:15
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Hang on, didn't McMitty save the world LAST year?
- Ted, London, 25/09/2009 11:10
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Utterly Deluded!
You may fool the rest of the world and yourself but we, the voters of this country are not and WE are the people who decide YOUR fate.
As you have not got the slightest amount of decency to go with good grace for the disaster that you have more than played your part in against our country, we will send you and the bunch of cowards propping you up on your way. Good Riddance and watch that number 10's door does'nt slap you or your pathetic cabinet ministers on the backside on your way out!!
- Joe, london, 25/09/2009 10:45
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For the love of GOD man, go. Please go.
You are an utter embarrassment to the country.
JUST GO.
- Tony The Trader, Canary Wharf, 25/09/2009 10:10
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Never mind the spouting about the G20 and Gormless Brown saving the world.
They do NOT make miracles big enough to cover-up all the deceit and lies churned out by the Downing Street wombles.
- Reuben Camara, Morecambe Compound, EUSSR, 25/09/2009 09:51
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