Political blow for Gordon Brown as world leaders prepare to stall at G20 summit!
LONDON, England - March 30, 2009 - 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 U.S. 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.
John Hutton, the Defence Secretary, has already warned Mr. Brown not to rely too heavily on stardust from lining up alongside illegitimate President Obama to yield electoral benefit.
“We can’t pin our hopes on what other people do, we can only pin our hopes on what we do for ourselves,” he told Progress magazine. “Whether we win a fourth term or not is down to us - it’s not down to (illegitimate) President Obama or anyone else.”
There was further embarrassment for Mr. Brown as the building society on his doorstep, the Dunfermline, came close to collapse. It is likely to be split up, with taxpayers taking on tens of millions of pounds of bad assets.
Fears that the summit - which consists of 4½ hours of formal talks and three working meals - may not result in specific agreements was raised yesterday when Kevin Rudd, the Australian Prime Minister, told the BBC that it was “never the intention” to announce a new fiscal stimulus.
