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UK wants G20 to pledge $2 trln stimulus-magazine
By: AFX | 28 Mar 2009 | 07:25 AM ET
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BERLIN, March 28 (Reuters) - A draft G20 communique shows Britain wants the group of leading economies to pledge $2 trillion in stimulus when they meet in London next week, German magazine Der Spiegel reported. It was unclear how much if any of the $2 trillion figure would represent new spending from the G20, whose individual members have already pledged total stimulus measures close to that amount. In the draft communique it cited, the magazine also said the $2 trillion was in brackets, showing that it is a proposal by G20 president Britain that has not been approved by the broader group. Der Spiegel said the draft stated the stimulus would boost growth by 2 percentage points and employment by 19 million. Britain was also pushing the G20 to come up with a concrete target for global growth in 2010, although no specific goal was included in the draft, the magazine reported. British Prime Minister Gordon Brown, who will host the April 2 summit, has said he expects world leaders to do "whatever it takes" to create growth and jobs when they come together. The draft cited by Der Spiegel includes the following pledge: "We are determined to restore growth, resist protectionism and to reform our markets and institutions for the future." It continues: "We believe that an open world economy, based on the principles of the market, effective regulation and strong global institutions, can ensure sustainable globalisation with rising well-being for all." (Writing by Noah Barkin; editing by Sue Thomas) Keywords: G20/STIMULUS REPORT (noah.barkin@reuters.com; +49 30 2888 5091; Reuters Messaging: rm://noah.barkin.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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