Finance chiefs pledge to slow budget cuts
G20 finance ministers are preparing to ease the pace of their budget cuts and tax rises so as not to pull the rug from under the global economy.
"We will ensure the pace of fiscal consolidation is appropriate to support growth," said a draft communiqué released at the G20 meeting in Mexico City yesterday. In Toronto, in 2010, G20 nations agreed to halve their budget deficits by the end of 2013.
But the global economy has stuttered since then and the International Monetary Fund has urged the world's largest economies to refrain from excessive consolidation so as to support growth.
The G20 message, however, is directed mainly at the United States, which will push through automatic cuts equivalent to 4 per cent of GDP starting next year unless the Houses of Congress can agree a compromise on medium-term tax rises and spending cuts. The communiqué said the US "will carefully calibrate the pace of fiscal tightening".
- 1 Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
- 2 Disney heiress Abigail disowns her share of family profits in West Bank company
- 3 The secret report that helps Israel hide facts
- 4 Israel's propaganda machine is finally starting to misfire
- 5 'Hello mum, this is going to be hard for you to read ...'
Sally Farmiloe dead: Howards' Way actress, and former mistress of Jeffrey Archer, dies aged 60
Justin Bieber posts Instagram photo of Orlando Bloom crying after Ibiza fight 'over Miranda Kerr'
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Disney heiress Abigail disowns her share of family profits in West Bank company
Australian model Robyn Lawley stages naked protest against huge coal mine seven times the size of Sydney Harbour
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
- < Previous
- Next >
iJobs Money & Business
£20000 - £24000 per annum: Harrington Starr: A leading provider of web based m...
£28000 - £32000 per annum: Ashdown Group: Secretary (Sales Team Support) - Mat...
Competitive (DOE): Guru Careers: We are looking for an Assistant Management Ac...
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...