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Finance officials from rich and developing countries have pledged to maintain emergency support for their economies until recovery is assured, but failed to reach a clear agreement to bear the cost of fighting climate change.
Britain's Treasury chief promised Monday to repay a disputed expense reimbursement as he sought to avoid becoming the highest profile casualty in the furor over lawmakers' allowances.
British Treasury chief Alistair Darling is likely to present a bleak annual budget next week with little good news for the average Briton as the economy wallows in recession.
Finance officials from rich and developing countries pledged Saturday to do "whatever is necessary" to fix the global economy, including supervision of freewheeling hedge funds and restoring bank lending by dealing with the shaky securities burdening their finances.
British Treasury chief Alistair Darling said Wednesday the country is on the brink of recession but that the economy would likely start growing again in the second half of 2009.
The British government cut the basic sales tax Monday to help boost consumer spending as the economy slides into recession, and proposed a higher rate of income tax for the biggest earners if it is re-elected.
The British government cut the basic sales tax Monday to help boost consumer spending as the economy slides into recession, and proposed a higher rate of income tax for the biggest earners if it is re-elected.
Prime Minister Gordon Brown said Wednesday that further measures may be needed to encourage banks to resume a normal flow of credit to small British businesses and homeowners.
The Bank of England, aiming to deal with the crippling impact of the U.S. subprime mortgage crisis, on Monday announced a $100 billion plan to allow banks to swap mortgage-backed securities for British Treasury bills.
African leaders launched a campaign to get every child in school by 2015, and Britain responded Monday by pledging $15 billion in education aid to developing countries over the next decade.
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