G20: Gordon Brown brokers massive financial aid deal for global economy

World leaders yesterday agreed on a $1.1 trillion injection of financial aid into the global economy, with Gordon Brown claiming that the grand bargain he had brokered represented “a coming together of the world” which would speed recovery from the worst recession since 1945. The sprawling deal set out in a nine-page communique hammered out over two days of talks in London also contains tougher-than-expected measures to tighten financial regulation, including a clampdown on tax havens, the final part of the deal to be struck, after an impassioned call for compromise by Barack Obama. The US president said that “the patient had stabilised and was in good care”, claiming that, by any measure, the London summit was historic. “It was historic because of the size and the scope of the challenge that we face and because of the timeliness and the magnitude of our response,” he said. The transatlantic compromise between America and Europe led to a jump in shares in London and New York. The FTSE index closed up more than 4% at 4,124.97. The deal won praise from business leaders, as well as anti-poverty campaigners, but dismayed the green lobby with its lack of measures to combat climate… Read full this story

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