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G20 vows to spur fragile growth G20 vows to spur fragile growth
(10 minutes later)
Financial ministers from developing and rich countries meeting in Scotland have pledged to keep stimulus measures in place until global recovery is assured. Finance ministers from developing and rich countries meeting in Scotland have pledged to keep stimulus measures in place until global recovery is assured.
A statement issued after the G20 meeting says the recovery is "uneven" and remains dependent on support, while unemployment is a "major" concern.A statement issued after the G20 meeting says the recovery is "uneven" and remains dependent on support, while unemployment is a "major" concern.
Earlier, British PM Gordon Brown called for a fund for bank bailouts, possibly paid for by a tax on transactions.Earlier, British PM Gordon Brown called for a fund for bank bailouts, possibly paid for by a tax on transactions.
The G20 ministers also promised to take action to tackle climate change.The G20 ministers also promised to take action to tackle climate change.
After the meeting in St Andrews, British Chancellor of the Exchequer Alistair Darling said that although the threat of a downturn had receded, it was too early to withdraw emergency support. After the meeting in St Andrews, US Treasury Secretary Tim Geithner said there was a "very broad consensus that growth remains the dominant policy imperative across our economies".
Earlier, British Chancellor of the Exchequer Alistair Darling said that although the threat of a downturn had receded, it was too early to withdraw emergency support.
"There is no one who believes the job is yet done," he said."There is no one who believes the job is yet done," he said.
The G20 statement said: "The recovery is uneven and remains dependent on policy support, and high unemployment is a major concern.The G20 statement said: "The recovery is uneven and remains dependent on policy support, and high unemployment is a major concern.
"To restore the global economy and financial system to health, we agreed to maintain support for the recovery until it is assured.""To restore the global economy and financial system to health, we agreed to maintain support for the recovery until it is assured."
Earlier, Mr Brown called for a new "social contract" with the world's banks to make them more responsible to society.Earlier, Mr Brown called for a new "social contract" with the world's banks to make them more responsible to society.
He said the financial sector was so key that governments had no choice but to step in when it failed.He said the financial sector was so key that governments had no choice but to step in when it failed.
He added: "And it cannot be acceptable that the benefits of success in this sector are reaped by the few but the costs of its failure are borne by all of us."He added: "And it cannot be acceptable that the benefits of success in this sector are reaped by the few but the costs of its failure are borne by all of us."
Mr Brown admitted there would be "enormous and difficult practical and technical issues" but a "better social contract" was needed with banking systems to make them more responsible.Mr Brown admitted there would be "enormous and difficult practical and technical issues" but a "better social contract" was needed with banking systems to make them more responsible.
He said it could be funded in a number of ways, including a global levy on transactions.He said it could be funded in a number of ways, including a global levy on transactions.
Other options, he said, were an insurance scheme, a global "resolution fund" or a contingent capital arrangement.Other options, he said, were an insurance scheme, a global "resolution fund" or a contingent capital arrangement.
The UK has in the past been opposed to transaction levies, known as Tobin taxes, believing they could damage the interests of the City of London.The UK has in the past been opposed to transaction levies, known as Tobin taxes, believing they could damage the interests of the City of London.
'Step forward''Step forward'
The BBC's Joe Lynam, in Saint Andrews, says Mr Brown's calling for an insurance levy or transaction tax took many delegates by surprise.The BBC's Joe Lynam, in Saint Andrews, says Mr Brown's calling for an insurance levy or transaction tax took many delegates by surprise.
Sources close to the Canadian and American delegations suggest their response could be lukewarm, our correspondent says.Sources close to the Canadian and American delegations suggest their response could be lukewarm, our correspondent says.
Timothy Geithner of the US talks with France's Christine Lagarde Mr Brown urged a "just distribution of risks and rewards"
The British Bankers' Association quickly cast doubt on the effectiveness of such financial transaction levies.The British Bankers' Association quickly cast doubt on the effectiveness of such financial transaction levies.
Chief executive Angela Knight said: "[They] don't work as they require perfect or near-perfect global implementation."Chief executive Angela Knight said: "[They] don't work as they require perfect or near-perfect global implementation."
But a senior policy adviser for Oxfam, Max Lawson, said he would welcome a tax on banks as "a major step towards clearing up the mess caused by their greed".But a senior policy adviser for Oxfam, Max Lawson, said he would welcome a tax on banks as "a major step towards clearing up the mess caused by their greed".