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| Brown to urge G20 - keep spending | Brown to urge G20 - keep spending |
| (about 1 hour later) | |
| Rich nations need to keep on spending until the global economy shows "clearer signs of recovery", Gordon Brown will tell a summit in London later. | Rich nations need to keep on spending until the global economy shows "clearer signs of recovery", Gordon Brown will tell a summit in London later. |
| Mr Brown will warn finance minsters from G20 nations it would be a mistake to scale back a $5tn fiscal expansion plan agreed at last April's summit. | Mr Brown will warn finance minsters from G20 nations it would be a mistake to scale back a $5tn fiscal expansion plan agreed at last April's summit. |
| The prime minister will also call for global "binding rules" on bankers' pay. | The prime minister will also call for global "binding rules" on bankers' pay. |
| But Chancellor Alistair Darling has said a French plan for mandatory caps on bonuses is "unworkable". | But Chancellor Alistair Darling has said a French plan for mandatory caps on bonuses is "unworkable". |
| The BBC's chief economics correspondent, Hugh Pym, said government sources now accepted tensions over how to reform bankers' pay and bonuses were likely to remain unresolved at Saturday's meeting. | The BBC's chief economics correspondent, Hugh Pym, said government sources now accepted tensions over how to reform bankers' pay and bonuses were likely to remain unresolved at Saturday's meeting. |
| Do we continue our support, until we have clearer signs of recovery or abandon it now? Gordon Brown G20: Economic summit snapshot | Do we continue our support, until we have clearer signs of recovery or abandon it now? Gordon Brown G20: Economic summit snapshot |
| While the French and German governments are pushing for formal restrictions on bankers' bonuses, Mr Darling has argued banks might get round the rules by raising basic salaries, or operating elsewhere. | While the French and German governments are pushing for formal restrictions on bankers' bonuses, Mr Darling has argued banks might get round the rules by raising basic salaries, or operating elsewhere. |
| Instead, Mr Darling has said the UK favoured measures designed to make sure banks had higher capital reserves and were geared more to long-term growth. | Instead, Mr Darling has said the UK favoured measures designed to make sure banks had higher capital reserves and were geared more to long-term growth. |
| The Conservatives have seized on a joint letter signed by Mr Brown and the leaders of the French and German governments that they must explore ways to "limit" bonuses | The Conservatives have seized on a joint letter signed by Mr Brown and the leaders of the French and German governments that they must explore ways to "limit" bonuses |
| The Tories say the prime minister and his chancellor have sent mixed messages on bankers' bonuses, and "confusion" about their economic policies were threatening the economy. | The Tories say the prime minister and his chancellor have sent mixed messages on bankers' bonuses, and "confusion" about their economic policies were threatening the economy. |
| The whole question of bonuses is now likely to be left for world leaders to deal with at another summit in Pittsburgh later this month, our correspondent said. | The whole question of bonuses is now likely to be left for world leaders to deal with at another summit in Pittsburgh later this month, our correspondent said. |
| 'Exit strategies' | 'Exit strategies' |
| Mr Brown will also tell the ministers assembled for their formal meeting at the Treasury the global economy is now at a "critical juncture". | Mr Brown will also tell the ministers assembled for their formal meeting at the Treasury the global economy is now at a "critical juncture". |
| He will argue that an important decision now need to be made about continuing with the $5tn plan, or scaling it back now some countries' economies have shown signs of recovery. | He will argue that an important decision now need to be made about continuing with the $5tn plan, or scaling it back now some countries' economies have shown signs of recovery. |
| Germany and France want the G20 to start discuss "exit strategies", but Mr Brown is concerned any such move might prove premature. | Germany and France want the G20 to start discuss "exit strategies", but Mr Brown is concerned any such move might prove premature. |
| Protesters called for more action to protect ordinary livelihoods | |
| He will ask: "Do we continue our support, until we have clearer signs of recovery or abandon it now?" | He will ask: "Do we continue our support, until we have clearer signs of recovery or abandon it now?" |
| "To decide now that it is time to start withdrawing and reversing the exceptional measures we have taken would in my judgement be a serious mistake." | "To decide now that it is time to start withdrawing and reversing the exceptional measures we have taken would in my judgement be a serious mistake." |
| Protesters wearing masks of the G20 leaders gathered for a small demonstration in the City of London on Friday ahead of the meeting. | |
| Waving placards saying "Stop letting money rule the world," they called for ministers to do more to protect ordinary people from the impact of the global downturn. |