G20 leaders seal $1tn global deal

Leaders of the world's largest economies have reached an agreement to tackle the global financial crisis with measures worth $1.1 trillion (�681bn).

To help countries with troubled economies, the resources available to the International Monetary Fund (IMF) will be tripled to $750bn.

There will also be sanctions against secretive tax havens and tougher global financial regulation.

And the G20 has committed about $250bn to boost global trade.

US President Barack Obama said the summit could mark a "turning point" in the pursuit of economic recovery and made progress in reforming a "failed regulatory system".
 

"By any measure the London summit was historic.

"It was historic because of the size and the scope of the challenges that we face and because of the timeliness and the magnitude of our response," he said.

Prime Minister Gordon Brown said there was "no quick fix" for the world economy but there was a commitment to do whatever was necessary.

"This is the day that the world came together to fight back against the global recession, not with words, but with a plan for global recovery and for reform and with a clear timetable for its delivery," Mr Brown said.

Another G20 meeting will be held in New York in September to check on progress, the BBC has learned.

The deal was announced shortly before the European stock markets closed and gave leading indexes a significant boost.

London's FTSE 100 index of leading shares ended 4.3% higher. In Paris, the Cac 40 jumped 5.4% and in Frankfurt, the Dax rose 6%.

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