Britain and other major economies are set to agree to public debt reduction targets at future meetings of the G20, according to a senior official at this weekend’s summit in Moscow.
by Harry Wilson, and James Titcomb, The Telegraph:
The UK is expected to sign up to cutting total public debt from a forecast level of 85.6pc of GDP in 2016 to 84.8pc a year later.
The rest of the G7, including France, Italy and the US, will agree to similar targets at a September meeting of the G20 group of major advanced and developing countries in St Petersburg, the official told Reuters.
The plans were presented at a gathering of G20 finance ministers and central bank governors and builds on a pledge made at a previous meeting in 2010.
Christine Lagarde, the head of the International Monetary Fund, said countries would have to come up with their own plans on how to cut public debt.
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