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G20 summit: leaders agree to halve deficits by 2013
June 28, 2010
Leaders at the G20 summit in Toronto have agreed to cut national budget deficits in half by 2013.
Heads of state also agreed new rules that would force British banks to boost their funds by £130 billion to reduce the risk of another Lehman Brothers-style collapse.
In a reversal from the unity of the past three crisis-era Group of 20 summits, the leaders decided to adopt “differentiated and tailored” economic policies for each country.
“Our challenges are as diverse as our nations,” US President Barack Obama said. “But together we represent some 85 per cent of the global economy, and we have forged a coordinated response to the worst global economic crisis of our time.”
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