Beyond the London Summit Assessing the UK government's response to the financial crisis and charting a way forwardPaper||13 June 2009|
The G20 London Summit on 2 April 2009 issued “a global plan for recovery and reform”. G20 leaders have not yet gone far enough on the fundamental changes the world needs. The communiqué appears to have made progress on some critical issues but there were also missed opportunities, especially on building a green economy, and some areas where it moves in the wrong direction.
In this paper we assess the outcomes of the London Summit and the UK government’s progress towards the 12 recommendations set out by the Put People First platform in March 2009. Put People First has called for an overhaul of the global economy to deliver jobs, justice, and a safer climate. Put People First wanted explicit recognition that this is not just a banking or a regulation crisis, but a structural crisis of the entire economic model. However, the G20 leaders legitimised and strengthened the existing institutions which have been responsible for overseeing the failed policies. To bring about the overhaul of the global economy that is needed there must be an inclusive international process with the UN, which also needs reform, playing a key role. It is not only about process, the changes need to go to the heart of structural deficiencies in the international financial, economic and governance systems.
We appreciate that the UK government conducted extensive dialogue with UK civil society before the summit and look forward to further engagement. We renew our call for the UK government and other countries to seize this opportunity to start building an economy nationally as well as internationally that puts people and planet first. [more]