G20 summit: World leaders strike $1 trillion deal
World leaders have confirmed a deal worth US$1 trillion to end the global recession at the G20 summit in London this week.
Speaking after the conclusion of the summit, prime minister Gordon Brown claimed to have struck a “historic” deal to end the global recession as he unveiled plans to plough more than $1 trillion into the world economy.
‘This is the day that the world came together to fight back against the global recession,' he said. ‘Not with words, but with a plan for global recovery and reform.’
The deal sees an increase of up to $750 billion in the resources available to the International Monetary Fund (IMF), which helps countries that get into difficulties.
A further $250 billion will contribute to helping counteract the contraction of world trade and fight protectionism. However, much of this finance will come from existing programmes of export guarantees in rich countries, with only $50 billion being made available for poor countries.
The G20 leaders also agreed tough new measures to regulate financial institutions, including sanctions against tax havens that do not disclose information.
PM Brown pointed out there was "no quick fix" for the world economy but there was a commitment to do whatever was necessary.
Further reading:
G20 summit: How the markets will react
G20 summit: UK's financial services rests on a knife-edge

Advertisement
Latest news
UK adults waste £2 billion in inheritance tax 27 April 2010
UK taxpayers will waste nearly £2 billion this year due to poor inheritance tax (IHT) planning, according to the annual Tax Action report by unbiased.co.uk.
- Tax tips for pension investors 16 February 2010
- Ten tips to beat the tax man 14 January 2010
- PBR 2009: Lenders concerned by stamp duty decision 9 December 2009
Top Ten Life Funds
| Fund | Offer | 1y | 3y | 5y |
|---|---|---|---|---|
| UBS Life Structured Credit A | 95.79 | 176.9 | n/a | n/a |
| Skandia Finland FIM Russia | 11.35 | 70.0 | -0.8 | 47.9 |
| Zurich American Property AL G4 | 45.60 | 62.2 | 27.4 | 48.3 |
| Skandia Finland Alfred Berg Ryssland | 0.87 | 57.7 | -17.1 | n/a |
| Skandia Finland Threadneedle Latin America | 1.46 | 50.7 | n/a | n/a |
| Skandia Finland JPM New European | 2.13 | 49.4 | -12.9 | 45.6 |
| Skandia Finland Neptune Russia & Greater Russia | 1.51 | 47.4 | n/a | n/a |
| Skandia Finland FIM Brazil | 2.80 | 46.5 | 14.4 | n/a |
| Merch Inv Sanlam Global Financial S6 | 112.10 | 45.9 | n/a | n/a |
| Merch Inv Invesco Perpetual Latin America S6 | 205.30 | 45.0 | n/a | n/a |
Tax planning in depth
WEBCHAT - Take tax action now - avoid paying too much tax! 9 March 2010
Perplexed by pensions? Confused by CGT? Stumped by self assessment? Billions of pounds of hard earned cash is wasted every year through unnecessary tax payments or failure to use tax breaks. But how do you ensure you are not paying more than you should?
- Write a Will Week: expert legal and financial advice 23 October 2009
- Tax needn’t be taxing 1 October 2009
- Effective IHT planning 2 March 2009
Guides
Using Business Property Relief
21 April 2009
Keiron Root looks at how business property relief can be used to mitigate inheritance tax
- Video: How to become more tax efficient 12 March 2009
- Where there’s a will... 26 November 2008
- Guide to inheritance tax 21 January 2008
Special Offers
- Annual report service
Free access to annual reports and other information
on selected companies



