Labour's economic mess will still be there after G20 leaves town

George Osborne welcomed many of the measures passed at the G20 Summit, but warned that Britain will be clearing up Labour’s economic mess “long after” the world leaders leave the country.

The Shadow Chancellor praised the decision to increase the resources available to the International Monetary Fund, but said it was “a shame” that the Doha trade round was not completed.

He explained that the $1 trillion programme to tackle the crisis was “a trillion dollars of loans, credit lines and guarantees” - and did not, therefore, amount to a fiscal stimulus:

“That is exactly as it should be. It is a vindication of the argument made by the Conservative Party – and it must mean that the Chancellor now pays attention to the advice from the Governor of the Bank of England and rules out a second significant fiscal stimulus in the Budget.”

George stressed that the British people would be asking what happens once the world leaders leave Britain:

“No trillion dollar boost for the IMF and trade finance will help us deal with a trillion pound national debt that we are leaving to our children thanks to this Government. The truth is Britain will be clearing up the economic mess created by this Government long after the G20 show leaves town.”