London: Hosting the G20 summit in London next week is costing Britain around £19 million ($27 million), a junior foreign minister said on Friday.
In a webchat on Prime Minister Gordon Brown’s official website, Mark Malloch-Brown said the costs were low compared to other such international summits.
“It’s estimated that the cost will be £19 million,” Malloch-Brown wrote, adding that the 2 April gathering would be worth every penny if the meeting helped restore global economic confidence.
“A lot of this is security as we have a lot of very high-profile leaders in town. We have been at pains to design a summit where people will be treated with proper hospitality but where entertainment is kept simple and straightforward.”
He continued: “This cost compares favourably to other international summits, a number of which have cost many times more than this in recent years. And if it is the signal of restored confidence in the world economy it’ll be worth every penny of it.
“Remember, as a national community, we’ve already spent more than $2 trillion on fiscal stimulus measures.”
A foreign ministry spokeswoman told AFP the costs were divided between staffing for the event, the hiring of the venue, event security and policing, but could not provide a detailed breakdown.