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Friday, 3 July 2009

Whatever happened to the G20 fiscal stimulus?

A lot has been said recently about the honesty of the Prime Minister. I will not comment on the specific allegations, but readers may recall a post at the time of the G20 summit, when I called his announcements mostly an illusion.

Here on the same day is a similar story from the FT. The final paragraph is telling:

When all the sums are added together, rather than $1,100bn, the new commitments appear to be below $100bn and most of those were in train without the G20 summit. While the inflation of relatively small and old commitments into an enormous number does not render the summit a failure, the desire to produce large headline numbers as the main result of the gathering suggests the divisions and spats on other issues were considerable.

So what is the latest update on the $5 trillion fiscal stimulus that Gordon Brown told us about?

1 comment:

Demetrius said...

Its probably offshore in the blind trust funds and accounts of our politicians as cash balances waiting for the property market to bottom out, and other things.