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British Official: G20 Won't Be Quick Fix for Economy

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The upcoming G20 summit will not come up with any quick fix for the economy, a senior British government official said.

As thousands prepare to protest over the financial crisis on Saturday, Lord Peter Mandelson, the Business Secretary, insisted the success of the talks cannot be judged for at least another 12 months.

Mandelson said that despite understanding why people are angry, it will take time for the agreements to start working.

Speaking to Sky TV, Lord Mandelson said that "When we look ahead to the summit that's going to take place in London, they're going to say, 'Right, action now. Decisions today. Changes overnight.' It's not going to happen like that."

"What we're seeing is the beginning of a process and the time to judge the outcome of the G20 summit in London is in a year's time, when people have followed up the decisions that they will have taken."

Trade unionists will be among huge numbers of protesters planning to take part in rallies, marches and stunts to coincide with Thursday's meeting of G20 leaders.

Thousands of police officers will be on duty in central London for the run-up to the summit and officers' leave has been cancelled on Wednesday and Thursday.

Meanwhile, the British government has dismissed a report in a German magazine that suggested it plans to push for G20 nations to back a 1.4 trillion pounds (about US$2 trillion) global stimulus package.

Prime Minister Gordon Brown, who will host the April 2 summit, has said he expects world leaders to do "whatever it takes" to create growth and jobs when they come together.

(Xinhua News Agency March 29, 2009)