David Cameron says His UK Budget Plan is Supported by G20

Just recently the UK prime minister, David Cameron, said that his measures for slashing the UK deficit were endorsed by G20. Leaders of the world’s major economies ended the meeting in Toronto by reaffirming an earlier commitment to halve their deficits by 2013.

The final agreement that was reached allows all countries to adopt differing economic policies to match their own priorities. Apparently this also lets individual nations to decide for themselves how to deal with the banks.

It was also brought up that countries with large budget deficits, like the UK, should accelerate the pace of consolidation. It is clear that consolidation will need to begin in advanced economies in 2011. It may need to be started earlier for countries experiencing significant fiscal challenges now.

Mr Cameron, in a slight reference to England’s exist from the World Cup, said that it has been a busy weekend. This is a weekend that brought many positive outcomes for Britain – if not on the football field, then here at the summit.

Mr Cameron went on to say that talks were designed to coordinate growth across the world. For some people, particularly countries like Britain with the biggest budget deficit in the G20, action have to be fiscally consolidated. It has to be sorting out their debts and their deficits so that they can get confidence in their economy.

He went on to say that what the G20 has agreed is that this is not an alternative to growth. This is part of the global growth package. It is important that the countries with the biggest budget deficits accelerate the action. This is specific backing for the budget that the UK has introduced.