No Spending Pledges to Take Place - UK
The United States and Britain said it will not ask other G20 leaders to announce their spending pledges and public spending stimulus plans. Next week, G20 Summit, an economic conference which will be attended by rich countries from Europe, will meet in London to discuss global effort to address the looming financial crisis.
A high-ranking official of the United Kingdom said that both the US and the UK has no plans of urging the members of the G20 to reveal their spending pledges in determining how to react on the financial situation of their respective countries amid world financial crisis.
This, as leaders of the top 20 countries in the world meets in the English capital this week to discuss the regulation of international trade to help in the recovery.
In a television interview, British Foreign Secretary David Miliband told BBC that they have agreed not to push for the pledges to avoid further rifts between member countries, following warning from Germany and France. Earlier reports told the White House and other European countries are divided when it comes to the talks of tighter regulation and extra spending.
However, Miliband said that countries will be ask to lay down their plans and will be ask regarding their role in the recovery process.
"You have got to mend the banking system, but you have also got to make sure that demand is put back into the economy," the official said, claiming that reports of a leak has gone terribly out of hand.
It will be recalled that a draft of the G20 communique has been leaked out. The draft stated that UK was manhandling the other members to sign the $2 trillion stimulus package. But Miliband was quick to dismiss the issue saying that the “leak” was actually the previous copy of the draft.
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