- Title: UNITED KINGDOM: UK's Darling calls for G20 to rebalance global economy
- Date: 25th September 2009
- Summary: LONDON, ENGLAND, UNITED KINGDOM (SEPTEMBER 23, 2009) (REUTERS) VARIOUS EXTERIORS OF TREASURY BUILDING TREASURY SIGN UK TREASURY SECRETARY ALISTAIR DARLING SEATED FOR INTERVIEW (SOUNDBITE) (English) UK TREASURY SECRETARY ALISTAIR DARLING SAYING; "I think it's imperative that we see through what we started. A lot has been done in the last 12 months, and it's shown how countries can actually work together. But it's absolutely essential that we continue to support our economies until we're clear that recovery has been established. And even after that, we need to be working together to make sure you've got a sustainable recovery in the long term." DARLING'S HANDS (SOUNDBITE) (English) UK TREASURY SECRETARY ALISTAIR DARLING SAYING; "In the past countries have relied, in simple terms, on the U.S. consumer being willing to borrow and spend. Now that isn't going to happen in the future, so it does mean that we've got to have a new framework for growth where every country in the world recognises that it has a responsibility to make sure that we can maintain demand, that we can react very quickly if we see problems emerging in the future, and of course to make sure that all of us do everything that is necessary to repair and restore the world's financial system." REPORTER (SOUNDBITE) (English) UK TREASURY SECRETARY ALISTAIR DARLING SAYING; "The finance ministers when they met were very clear that yes, you needed an exit strategy, but you shouldn't put in place that strategy until you were sure that you got recovery established. Now, we were unanimous on that, and I'm pretty sure this weekend the leaders will take exactly the same view. No one's arguing in international forums that you should see countries come out of supporting their economies until the job's done. We've got to see this job through." DARLING LISTENING TO REPORTER
- Embargoed: 10th October 2009 13:00
- Keywords:
- Location: United Kingdom
- Country: United Kingdom
- Topics: Economic News
- Reuters ID: LVA52PBSCPBZBUOE5J4MLOU9KZY8
- Story Text: British Treasury Secretary Alistair Darling says G20 leaders meeting in Pittsburgh must work together to ensure economic recovery, and establish a new framework for global growth.
G20 leaders meeting in Pittsburgh on Thursday (September 24) must work together to finish the job of securing a global economic recovery, UK Chancellor Alistair Darling said on the eve of the summit.
Before flying out to join British Prime Minister Gordon Brown in the U.S., Darling told Reuters that the world's leading economies must "see through" the work that they had started.
"A lot has been done in the last 12 months, and it's shown how countries can actually work together. But it's absolutely essential that we continue to support our economies until we're clear that recovery has been established," said the Chancellor.
"And even after that, we need to be working together to make sure you've got a sustainable recovery in the long term."
Darling echoed the U.S. position in calling for a rebalancing of global growth away from a reliance on the U.S., with export-orientated countries also focusing on boosting domestic demand.
"In the past countries have relied, in simple terms, on the U.S. consumer being willing to borrow and spend. Now that isn't going to happen in the future, so it does mean that we've got to have a new framework for growth where every country in the world recognises that it has a responsibility to make sure that we can maintain demand," said the Chancellor.
A finance ministers summit in London earlier this month committed to keep stimulating growth to the tune of 5 trillion U.S. dollars since the crisis hit last September.
Darling said each economy needed an exit strategy from such emergency assistance, but that the strategy should not be put in place until recovery was established.
"Now, we were unanimous on that, and I'm pretty sure this weekend the leaders will take exactly the same view. No one's arguing in international forums that you should see countries come out of supporting their economies until the job's done. We've got to see this job through."
A document outlining the U.S. position ahead of the September 24-25 summit in Pittsburgh said G20 leaders will maintain the pace of stimulus while acknowledging that at some point it will have to be wound down. - Copyright Holder: REUTERS
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