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The G20 is not only extraordinary news for the world economy – its fantastic news for Birmingham. Birmingham has always been a city that’s made its living in the world; our services and manufacturing businesses have a global reach. So a $5 trillion shot in the arm for the global economy (the foreign markets we sell to) plus $250 billion dollars to boost trade and a promise of no new trade barriers before 2010 is quite simply excellent news.
The deal to deliver tougher rules for bankers pay and bonuses and a crackdown on tax havens will be welcome by everyone in the city as will the promise of $ 50 billion dollars to help the poorest countries and a commitment to use the stimulus as a down-payment on low carbon investment.
Britain’s fightback against the recession got a huge boost today; that was great news for Britain – and a huge boost for Birmingham.