Member of Parliament for South Shields
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Getting The World Ecomony Back On Track
G20 London Summit delivers major progress
David Miliband MP welcomed the progress made at this week's London G20 summit. The Leaders at the G20 agreed to: -
Restore confidence, growth, and jobs: They committed to make available an additional $1.1 trillion programme of support to help the world economy through the crisis and to restore credit, growth and jobs.
Strengthen financial supervision and regulation: Leaders agreed to strengthen the financial system by putting in place a better and more credible system of surveillance and regulation.
Fund and reform our international financial institutions to overcome this crisis and prevent future ones: Leaders agreed to make an additional $850 billion in resources available through international financial institutions like the IMF.
Promote global trade and investment and reject protectionism to underpin prosperity: Leaders committed not to resort to protectionism.
Build an inclusive, green, and sustainable recovery: Leaders reaffirmed their commitment to meeting the Millennium Development Goals and to delivering on development aid pledges.
David Miliband MP said:
"The financial crisis is affecting countries across the world and it is important that positive decisions are taken to tackle the problem. To get the British economy back on track we have to help get the world economy back on track too. To protect jobs and businesses in South Shields we needed to get the world leaders working together to restore confidence, growth and jobs.
"The G20 is always an important meeting, but in these tough times it is even more important.
"So I welcome the successes our Labour Government has secured this week. The London Summit brought together leaders of the world’s major economies and key international institutions. They have agreed collective action necessary to stabilise the world economy and secure recovery and jobs."