Lords Committee calls for strong UK leadership at G20 Summit

The Committee has held two evidence sessions ahead of the Summit in Osaka, Japan, 28-29 June, hearing from Alan Wheatley, Associate Fellow, Global Economy and Finance, Chatham House, Dr Linda Yueh, Fellow in Economics, St Edmund Hall, University of Oxford, and Lord O'Neill of Gatley. Following these evidence sessions, the Committee expresses concern about the tightening of global financial conditions, and that the level of global debt risks another economic crisis. It says that the G20 Summit is an opportunity for world leaders to meet and discuss fundamental issues facing the global economy and the rules-based international order, but expresses concern that there is no monitoring of the implementation of the commitments made at G20 Summits.

In its letter, the Committee seeks reassurance from the Prime Minister that:

• The Government thinks the G20 is geared to take full account of the increasing economic importance of Asia
• The G20 is focused on measures to address the major forces working to slow down world trade
• The UK effectively tracks and reports its own compliance with agreements reached at G20 Summits, and that the G20 is equipped to follow through on commitments made by its members
• The Government will use the forthcoming Summit to seek international agreement to reform the WTO, in order to preserve the dispute settlement procedure

Chairman of the House of Lords International Relations Committee Lord Howell of Guildford said:

“This is a critical moment for world economic and political stability. We urge the Government to ensure that the G20 Summit addresses frankly the basic issues effecting global trade and economics, which include threats of protectionism, the ongoing climate challenge and migration.”

Click on the following link to read the letter in full.