Bruce George MP today welcomed the progress made at this week’s London G20 summit and praised the achievements reached. The Leaders at the G20 agreed to:

Restore confidence, growth, and jobs: They committed to make available an additional $1.1 trillion programme of support to help the world economy through the crisis and to restore credit, growth and jobs.

Strengthen financial supervision and regulation: Leaders agreed to strengthen the financial system by putting in place a better and more credible system of surveillance and regulation

Fund and reform our international financial institutions to overcome this crisis and prevent future ones: Leaders agreed to make an additional $850 billion in resources available through international financial institutions like the IMF,

Promote global trade and investment and reject protectionism to underpin prosperity: Leaders committed not to resort to protectionism

Build an inclusive, green, and sustainable recovery: Leaders reaffirmed their commitment to meeting the Millennium Development Goals and to delivering on development aid pledges

Bruce George MP said:

“I have been raising the need for tough regulation of the financial markets for some time, so I am very happy at the G20 outcome. On the 27th January I spoke in a committee debate on Credit Rating Agencies where I called for the need for much greater global regulation of financial markets, especially these agencies. I am therefore particularly pleased to learn that the G20 yesterday to extend regulatory oversight to credit rating agencies.

We face a global financial crisis on a scale that we have never really seen before. At the end of the day to get British economy back on track we have to help get the world economy back on track too. To protect jobs and businesses in Walsall we needed to get the world leaders working together to restore confidence, growth and jobs.

“So I welcome the successes the Government has secured this week. The London Summit brought together leaders of the world’s major economies and key international institutions. They have agreed collective action necessary to stabilise the world economy and secure recovery and jobs.”