The G20 Summit has reached agreement on measures to get the global economy back on track and Mark welcomed the progress made.

 The leaders at the G20 agreed to:

• Restore confidence, growth, and jobs: they committed to make available an additional $ 1.1 trillion programme of support to help the world economy through the crisis.
• Introduce much tougher financial supervision and regulation.
• Fund and reform our international financial institutions to overcome this crisis and prevent future ones: leaders agreed to provide an additional $ 580 billion in resources through international financial institutions like the IMF and World Bank.
• Promote global trade and investment and reject protectionism.
• Build an inclusive, green, and sustainable recovery: leaders reaffirmed their commitment to meeting the Millennium Development Goals and to delivering on development aid pledges.

Mark said:

"We face a global financial crisis on a scale that we have never really seen before.  To get  the British economy back on track we have to help get the world economy back on track too.  To protect jobs and businesses in Edinburgh we needed to get the world leaders working together to restore confidence, growth and jobs.

"The G20 is always an important meeting - in these tough times when people across Britain are worried about jobs and paying the bills it is even more important. 

"So I welcome the successes the Government has secured this week. The London Summit brought together leaders of the world's major economies and key international institutions.  They have agreed collective action necessary to stabilise the world economy and secure recovery and jobs." 

The crisis is an international one and the response agreed at the London Summit provides decisive international action to increase lending, growth and jobs whilst maintaining fiscal stability so that the recovery when it comes is sustainable. The additional $ 1.1 trillion dollar programme of support will mostly be provided through international institutions like the IMF and World Bank.

Much tougher financial regulation will be introduced at both national and international level through a new global super-regulator, the Financial Stability Board. For the first time, this will have the power to regulate large hedge funds and credit rating agencies.

The summit also agreed actions to tackle tax havens and common principles to limit executive bonuses so that they don't serve as incentives for bankers to take risks.

There was also agreement to fund and reform international financial institutions. The IMF and World Bank will be reformed to ensure national representation is in line with the changing balance of the world economy rather than as in the past where a European would head the IMF and an American the World Bank.  

An additional $ 580 billion will be made available through international  financial institutions to ensure they are able to meet the needs of developing countries.  The G20 will also provide an extra $ 250 billion to halt the slow-down in international trade finance. The aim is to ensure that emerging markets and developing countries can continue to access capital to develop their economies.

The London Summit took place at a time when the world confronts the worst economic crisis since the Second World War but the Summit and its outcomes are a clear sign that there will be no retreat into isolationism and protectionism.