Britannia Radio

G20 leaders seal $1tn global deal Latest news Live updates G20 map Q&A: The deal Brown's G20 In pictures

Gordon Brown announces the G20 deal Leaders of the world's largest economies have reached an agreement to tackle the global financial crisis with measures worth $1 trillion (£681bn). To help countries with troubled economies, the International Monetary Fund (IMF) will get extra resources worth up 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. 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%. The deal NEW FUNDING PLEDGES $500bn for the IMF to lend to struggling economies $250bn to boost world trade $250bn for a new IMF "overdraft facility" countries can draw on $100bn that international development banks can lend to poorest countries IMF will raise $6bn from selling gold reserves to increase lending for the poorest countries Source: BBC G20 leaders' statement Global markets rise on G20 deal Historic IMF changes Q&A: The G20's $1tn deal First Lady moved by school visit On behalf of the G20, Prime Minister Gordon Brown announced the following steps: Bankers' pay and bonuses will be subject to stricter controls A new Financial Stability Board will be set up to work with the IMF to ensure co-operation across borders and provide an early warning mechanism for the financial system There will be greater regulation of hedge funds and credit ratings agencies A common approach to cleaning up banks' toxic assets has been agreed The world's poorest countries will receive $100bn extra aid G20 countries are already implementing the biggest economic stimulus "the world has ever seen" - an injection of $5tn by the end of next year. IMF boost The IMF has been one of the biggest beneficiaries of the G20 summit. The resources it has to help troubled economies will be increased to $500bn. An overdraft facility will also be increased to $250bn (in the IMF's currency, so-called Special Drawing Rights) that all members can call upon. President Sarkozy was pleased at the outcome of the summit "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. He said there was "no quick fix" for the world economy but there was a commitment to do whatever was necessary. Mr Brown said the Organisation of Economic Co-operation and Development would publish a list of tax havens later on Thursday and actions would be taken against those that did not comply with international rules. "We have agreed tough standards and sanctions for use against those who don't come into line in the future," he said. Another G20 summit will be held later this year to check on progress. Hopes met? French President Nicolas Sarkozy said that the conclusions of the G20 summit were "more than we could have hoped for". HAVE YOUR SAY 1.1 trillion...how can that ever be accounted for? Success for them. Failure for everyone else Nathan McConnell, Grantsburg, US Send us your comments Earlier, there had been suggestions of rifts between France and Germany and the US and the UK. The US and UK emphasised the need for public spending to ease the crisis while France and Germany were keen for tougher financial regulation. Mr Sarkozy had threatened to walk out of the meeting if it did not yield concrete results. German Chancellor Angela Merkel also praised the outcome. She said the new measures would give the world a "clearer financial market architecture" and the agreement was "a very, very good, almost historic compromise". Her finance minister, Peer Steinbrueck, said he was pleased that the G20 statement did not oblige states to launch further economic stimulus packages. Protests Protesters gathered outside the summit, but in smaller numbers than during Wednesday's demonstrations in London's financial district. Several hundred staged "noisy but calm" protests near the Excel centre, representing groups including the Stop the War Coalition and CND. And about 400 more demonstrators were boxed in by police outside the Bank of England in London's financial district, during angry but peaceful protests. More than 100 people were arrested over the two days of protests - 86 of them on Wednesday, police said. A small group of protesters gathered earlier at the London Stock Exchange, but later dispersed. Poor benefit The G20 countries have pledged $100bn in aid for developing countries, more than expected. The money will be dispensed through multilateral lenders such as the Asian Development Bank. The measure that could make the most difference in the short term for the poorest countries is the availability of $250bn of trade credit, says BBC international development correspondent David Loyn. It will enable goods currently rotting on the quayside in Africa to move again, he says. BBC business editor Robert Peston said the tougher financial regulation announced by the G20 was a significant step. He said it sounded the death knell for the freewheeling Anglo-American way of banking and conducting financial markets. However, he said the measures would not get the world out of recession overnight. THE G20 SUMMIT LATEST NEWS G20 leaders seal $1tn global deal Live text: G20 Summit Live Map: G20 around London Day two in pictures Twitter on the front line BACKGROUND AND ANALYSIS Q&A: The G20's $1tn deal  At a glance: G20 agreement  G20 leaders' statement  Historic IMF changes  Will it help the world's poorest?  Is Brown the G20 winner?  Who's who at the G20?  G20 economic snapshot  SECURITY AND PROTESTS Further protests at G20 summit  Your pictures: G20 protests  Climate Camp in the City  In pictures: G20 protest clean-up  The G20 social media battle  VIDEO REPORTS UN chief on G20's benefit for poor  Gordon Brown's summit statement  Michelle Obama 'mobbed' by pupils  Spiderman in dizzying G20 protest  HAVE YOUR SAY Was the G20 summit a success? THE GLOBAL ECONOMIC CRISIS G20: Full in-depth report UK recession in depth Global recession in depth RELATED INTERNET LINKS G20 The BBC is not responsible for the content of external internet sites FROM OTHER NEWS SITES New York Times Markets Find More Reasons to Rally - 54 mins ago Financial Times Equities rally as G20 offers hope for global economy - 1 hr ago Reuters UK Brown's press conference at G20 summit - 1 hr ago Telegraph G20 summit: Brown unveils $1.1tn recession fight-back - 1 hr ago Sunday Times* Brown says G20 will give world $1 trillion boost - 1 hr ago About these results * Requires registration