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Obama calls for G20 global action Obama calls for G20 global action
(10 minutes later)
US President Barack Obama has stressed the "sense of urgency" needed to confront the global economic crisis.US President Barack Obama has stressed the "sense of urgency" needed to confront the global economic crisis.
President Obama met Gordon Brown at Downing Street ahead of the G20 summit of world leaders.President Obama met Gordon Brown at Downing Street ahead of the G20 summit of world leaders.
Mr Brown added that the G20 were hours away from agreeing a plan for economic reform. Global solutions were needed for global problems, he said.Mr Brown added that the G20 were hours away from agreeing a plan for economic reform. Global solutions were needed for global problems, he said.
Meanwhile, thousands of protesters jostled with police as they called for changes in the global economic system.Meanwhile, thousands of protesters jostled with police as they called for changes in the global economic system.
Anti-capitalists were taking part in the protests
Scotland Yard said eight people had been arrested for being in possession of police uniforms, and estimated that about 3,000 protesters had gathered in the City of London.
Some organisers have dubbed the event "Financial Fools Day".Some organisers have dubbed the event "Financial Fools Day".
Anti-capitalist, anarchists, and climate change protesters have gathered on the streets of London for demonstrations around the G20 summit.Anti-capitalist, anarchists, and climate change protesters have gathered on the streets of London for demonstrations around the G20 summit.
HAVE YOUR SAYNothing will be achieved. Sarkozy is already threatening to walk out. None of the EU leaders can agree amongst themselvesDavid, UK Send us your comments HAVE YOUR SAYNothing will be achieved. Sarkozy is already threatening to walk out. None of the EU leaders can agree amongst themselvesDavid, UK Send us your comments
Police helicopters were seen circling above the Bank of England, according to a BBC reporter.Police helicopters were seen circling above the Bank of England, according to a BBC reporter.
Police had warned of "unprecedented" levels of protest and are mounting a huge security operation.Police had warned of "unprecedented" levels of protest and are mounting a huge security operation.
Police leave during the two-day summit has been cancelled and six police forces are involved in the £7.5m security plan.Police leave during the two-day summit has been cancelled and six police forces are involved in the £7.5m security plan.
Click here for a map of expected protests Click here for a map of expected protests
However, a BBC correspondent at Liverpool Street in the City of London said the streets were quiet and it looked like business as usual.However, a BBC correspondent at Liverpool Street in the City of London said the streets were quiet and it looked like business as usual.
'Partnership of purpose''Partnership of purpose'
World leaders are gathering in London to discuss ways to resolve the financial crisis.
President Obama said that the world was facing the most severe economic crisis since World War II.President Obama said that the world was facing the most severe economic crisis since World War II.
He said the G20 had to reject protectionism and support emerging markets, and called for countries to work together.He said the G20 had to reject protectionism and support emerging markets, and called for countries to work together.
Obama: We have to act with urgencyObama: We have to act with urgency
"The United States is committed to working alongside the United Kingdom in doing whatever it takes to stimulate growth and demand and to ensure that a crisis like this never happens again," the US President said."The United States is committed to working alongside the United Kingdom in doing whatever it takes to stimulate growth and demand and to ensure that a crisis like this never happens again," the US President said.
And although French President Nicolas Sarkozy had earlier said that France and Germany were not happy with the current draft G20 accord, German Chancellor Angela Merkel gave her backing to the talks.
She said France's threat to walk out of the summit if there is no agreement was "not the best idea."
Mr Brown said the UK would renew its special relationship with the US and said it would be a "partnership of purpose".Mr Brown said the UK would renew its special relationship with the US and said it would be a "partnership of purpose".
World leaders are gathering in London to discuss ways to resolve the financial crisis.
However, rifts have begun to emerge, with French President Nicolas Sarkozy saying France and Germany are not happy with the current draft G20 accord.
G20 LONDON SUMMIT World leaders will meet on Wednesday and Thursday in London to discuss measures to tackle the downturn. See our in-depth guide to the G20 summit.The G20 countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US and the EU.G20 LONDON SUMMIT World leaders will meet on Wednesday and Thursday in London to discuss measures to tackle the downturn. See our in-depth guide to the G20 summit.The G20 countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US and the EU.
He will begin a round of meetings with other world leaders, including the Russian President Dmitry Medvedev and the Chinese leader, Hu Jintao. President Obama will begin a round of meetings with other world leaders, including the Russian President Dmitry Medvedev and the Chinese leader, Hu Jintao.
International relationsInternational relations
The summit will provide a chance for the US president to demonstrate his new credentials, according to the BBC's diplomatic correspondent James Robbins.The summit will provide a chance for the US president to demonstrate his new credentials, according to the BBC's diplomatic correspondent James Robbins.
"Just not being George Bush is a huge advantage. George Bush was one of the most unpopular presidents of modern times," he said."Just not being George Bush is a huge advantage. George Bush was one of the most unpopular presidents of modern times," he said.
He also said that the UK and US were worried that their model of capitalism could be challenged by the French and Germans.He also said that the UK and US were worried that their model of capitalism could be challenged by the French and Germans.
Detailed bargaining is expected to take place at these face-to-face meetings, although the two-day summit officially begins later when leaders from the G20, which includes the world's most powerful economies, attend a dinner reception with the Queen at Buckingham Palace.Detailed bargaining is expected to take place at these face-to-face meetings, although the two-day summit officially begins later when leaders from the G20, which includes the world's most powerful economies, attend a dinner reception with the Queen at Buckingham Palace.
But expectations that the summit will come up with a definitive plan to stimulate the world economy are receding as rifts emerge between Europe and the US and UK.But expectations that the summit will come up with a definitive plan to stimulate the world economy are receding as rifts emerge between Europe and the US and UK.
RiftsRifts
WEDNESDAY'S TIMETABLE 0800 Obama-Brown breakfast1015 Obama-Brown press conference1145 Obama-Medvedev meeting1330 Brown begins further bilateral meetings1400 Obama-Hu Jintao meeting1630 Sarkozy-Merkel press conference1730 Obama meets Queen at Buckingham Palace1900 G20 reception with Queen at Buckingham Palace2030 State dinner at Downing Street - beginning of summitWEDNESDAY'S TIMETABLE 0800 Obama-Brown breakfast1015 Obama-Brown press conference1145 Obama-Medvedev meeting1330 Brown begins further bilateral meetings1400 Obama-Hu Jintao meeting1630 Sarkozy-Merkel press conference1730 Obama meets Queen at Buckingham Palace1900 G20 reception with Queen at Buckingham Palace2030 State dinner at Downing Street - beginning of summit
Earlier, President Sarkozy told French radio that although there were projects on the table, "as things stand at the moment, these projects do not suit France or Germany".Earlier, President Sarkozy told French radio that although there were projects on the table, "as things stand at the moment, these projects do not suit France or Germany".
The French President is due to give a joint press conference with the German Chancellor Angela Merkel later.The French President is due to give a joint press conference with the German Chancellor Angela Merkel later.
French Finance Minister Christine Lagarde has already said that France would walk away from talks if its demands for stricter financial regulation were not met.French Finance Minister Christine Lagarde has already said that France would walk away from talks if its demands for stricter financial regulation were not met.
The G20 summit will be crucial for Gordon Brown, whose reputation for economic competence has been battered by the financial crisis.The G20 summit will be crucial for Gordon Brown, whose reputation for economic competence has been battered by the financial crisis.
He has sought to lead the drive for a global approach to the crisis and the meeting is an opportunity to restore his image as a competent economic manager.He has sought to lead the drive for a global approach to the crisis and the meeting is an opportunity to restore his image as a competent economic manager.
But it is unlikely to be smooth sailing.But it is unlikely to be smooth sailing.
Jan Randolf, an analyst at Global Insight, said the meeting would be unlikely to live up to the hype surrounding it.Jan Randolf, an analyst at Global Insight, said the meeting would be unlikely to live up to the hype surrounding it.
"The summit will almost certainly fall short of the lofty ambitions set out for it last year," Mr Randolf said."The summit will almost certainly fall short of the lofty ambitions set out for it last year," Mr Randolf said.
Do you work at a business, such as a shop, café or other similar outlet that could be affected? Are you closing for the day or taking steps to protect the property? We'd like to talk to you about how the planned gatherings are affecting you.Do you work at a business, such as a shop, café or other similar outlet that could be affected? Are you closing for the day or taking steps to protect the property? We'd like to talk to you about how the planned gatherings are affecting you.
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