Public 'supports economic reform' ahead of G20 summit

As world leaders arrive in the UK for the G20 summit, a recent survey has suggested that a majority of people support global reform of the economic system.

The research, conducted by BBC World Service, revealed that more than 65% of people in G20 countries believe significant changes to the global system are necessary, while 62% support domestic reforms.

62% of those questioned revealed that they have been affected by the economic downturn, and half believe that the downturn will last for more than two years.

Prime Minister Gordon Brown has said he believes that world leaders will 'do whatever is necessary' to tackle the economic crisis, and has highlighted stimulating economic growth and reforming the global banking system as key goals.

Meanwhile, the Federation of Small Businesses (FSB) has called on Chancellor Alistair Darling to address the domestic banking and unemployment crises in his forthcoming Budget.

Launching its 2009 Budget submission, the FSB has called for automatic rate relief for small firms, an increase in the lower thresholds for income tax and national insurance contributions, and the introduction of a Corporate Mediator to work with banks and their business customers.

John Wright, FSB National Chairman, said, 'The Chancellor is about to announce possibly the most crucial budget in decades and he has got to get it right. The Government must take decisive action to inject life into the economy and resolve the big problems faced by small businesses: the double whammy of irregular cash flow and a lack of finance from the banks'.