Britain’s G20 ambitions were dealt another blow yesterday after it emerged that a deal on coordinated action to pump money into the world economy will be delayed until a second summit.
As world leaders began gathering in London, the Australian Prime Minister disclosed that negotiations over the level of a fiscal stimulus needed to prevent a worldwide depression will take place at the following G20, which will not be hosted by Gordon Brown.
This came as leaders from China, Germany and Australia lined up over the weekend to warn that they were not yet ready to agree to further tax giveaways or benefits increases despite pressure from the US and Britain. Fears are rising that agreement at the London summit on Thursday may focus on more easily achievable goals, such as tax havens, rather than ensuring commitment to specific goals on spending and protectionism.
Seems to be insufficient unity in the notion of buying Obama’s Snake Oil. Thank God for independent minds.