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Is economic recovery on its way?

G20 finance ministers meeting in Scotland have said economic recovery is "uneven" and remains dependent on support, while unemployment is a "major" concern. Is recovery on its way?

Earlier, British PM Gordon Brown called for a fund for bank bailouts, possibly paid for by a tax on transactions. He also said that a new "social contract" with the world's banks would make them more responsible to society.

However, the plan has received a lukewarm response from other representatives as well as the British Bankers' Association.

What can this weekend’s G20 summit achieve? Should there be a fund for bank bailouts? Would you agree with a tax on transactions?

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Published: Saturday, 7 November, 2009, 18:17 GMT 18:17 UK

All comments as they come in

Added: Monday, 9 November, 2009, 11:19 GMT 11:19 UK

Not in Africa, where leaders click to Power and embezelle state funds, operating huge foreign bank acounts in europe and the Americas,

aseh clive amuh, douala, Cameroon

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Added: Monday, 9 November, 2009, 11:11 GMT 11:11 UK

It will achieve nothing, there should be no fund for bank bailouts and tax on transactions...no thanks.

nomolos

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Added: Monday, 9 November, 2009, 10:55 GMT 10:55 UK

A main reason why tax on transactions is unachievable is because it would be near impossible to police.

It just shows the endemic criminality of countrys & businesses in their attempts to avoid tax levys via using whatever legal & other avoidances they can muster.

The continued use of tax avoiding off-shore banking by banks & institutions & even countrys is further evidence that little has actually changed.

Lots of political noises to placate the public but very little REAL action.

[MrWonderfulReality]

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Added: Monday, 9 November, 2009, 10:49 GMT 10:49 UK

Throwing good money after bad into the banks and the banks then utilise this money for bent bankers bonuses you ask a daft question - Is economic recovery on its way?

I suppose you might say it is for the bankers but not for those of us who are not receiving any interest on our savings.

[ATrueblueOne]

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Added: Monday, 9 November, 2009, 10:47 GMT 10:47 UK

And again britain looks at the problem and says TAX. I like the cannadian finance ministers response. Taxing is not their way. We have a bloated gov, bloated civil service, buy sub standard expensive military kit and plug it in here in the name of preserving jobs, defend ourselves in a war but let it drag on, pay people not to work, sell our jobs to foreighners, surrender money and power to the EU.

And those are the choices they make in public and are still making!

wayne, lancashire, uk

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Added: Monday, 9 November, 2009, 10:39 GMT 10:39 UK

I'm already being taxed out of existence and like the country itself, I'm broke and will remain so until we see the back of Brown and Nu-Labor!
James, Southminster

Tax moaner. Go and live in the US where taxes are lower but healthcare for a family costs $2000 a month? You will be back here in a week and glad of it! If the people of this country vote for the Tories you won't be paying taxes because you won't have a job then the car, plasma, computer and latest mobile will all have to go.

DREW, London

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Added: Monday, 9 November, 2009, 10:38 GMT 10:38 UK

If it is, and interest rates start to go up, just wait and see what happens to the housing market!!

John Ford, Exeter, United Kingdom

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Added: Monday, 9 November, 2009, 10:31 GMT 10:31 UK

David Cameron said that the UK may default on its debts, so I think the recovery isn't going to happen any time soon. Since Osbourne didn't see it coming, and his suggestions on what to do seem to consist of 'Gordon Brown got it wrong' - as if we didn't know - I have little faith that the Tories will make it better either.
Vince Cable - or Ken Clarke for the job.

[michellegrand], Alton, United Kingdom

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Added: Monday, 9 November, 2009, 10:18 GMT 10:18 UK

Gordon Brown's horizons seem to extend no further than looking for something else to tax. I love the Canadian response to his suggestion for a financial transaction tax at the G20 summit, which was, 'Canada is in the business of CUTTING taxes'. If only that were true in UK, we would not be such a basket case economy. Let people keep and spend more of what they earn, rather than have the government hoover it all in and then disburse it as they see fit through an inefficient bureaucracy.
John

John Turpin

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Added: Monday, 9 November, 2009, 10:17 GMT 10:17 UK

Bailouts don’t work overnight. First businesses have to get well and employment will follow. So, for people like me, any positive outcome is at best in the horizon.

Artur de Freitas, Johannesburg - South Africa

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Added: Monday, 9 November, 2009, 10:13 GMT 10:13 UK

I hope none of the other posters are also in Business, I have received my new Business Rates today... a 31% Increase during a recession - it will be easier to close the business, lay off staff and say get stuffed to Mr. Brown and his Cabinet.....

Meanwhile at the Tax Payers expense we are bailing out the Banks, paying for a war we don't need, paying £40 Billion a MONTH to be part of Europe... it never ends, we are mugs for putting up with this.

Demon Lee, London, United Kingdom

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Added: Monday, 9 November, 2009, 10:12 GMT 10:12 UK

Certainly the odds are that the economy will go in a positive direction rather than a negative one. The problem is the UK is at a great disadvantage.

We have a currency that is being watered down to nothing.

20% of our GDP was based on banking that was fake productivity.

We don't have any really global companies so we'll find it hard to leverage cheap labour in the far east with our small business economy.

It looks grim, but the direction is positive.

Jason P, Paris, France

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Added: Monday, 9 November, 2009, 10:06 GMT 10:06 UK

Economic recovery to what?
The last boom was financed by irresponsible credit.
The lenders must have known that it could not possibly be sustained but, blinded by greed, hoped to make huge bonuses.
Which they did.
Any recovery has to be built on credit as that is the capitalistic method.
The banks etc were bailed out once and in a few years will be back to the same old game because there is no alternative...and no risk to them.

peter lee, morecambe

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Added: Monday, 9 November, 2009, 10:05 GMT 10:05 UK

Tax tax tax - the political elites are nohing more than contemporary, mystics of materialism - the whole point of their system is to tax everything and everyone - to keep the wealthy elites wealthy and the rest of us poor! Its the oldest con in history! Who is the master? Who is the servant? The servants of the people are those that benefit from a system providing welfare for the wealthy at the expense of the poor! Look at their gold temples and lavish lifestyles funded by your tax! Its perverse

The Ghosts of John Galt, Ghost Town

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Added: Monday, 9 November, 2009, 09:58 GMT 09:58 UK

No, the economy will not recover simply because our economy is run and controlled by the incompetent, morally bankrupt and corrupt! I fear the worse is yet to come as the fake saints and saviours preach more of the doctrine of sacrifice to the masses in order to maintain the lavish lifestyles and temples of gold of wealthy parasites and leeches, the looters, and the mystics of materialism!

The Ghosts of John Galt, Ghost Town

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894
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