U.K. Reporter: British Economy Suffers U.S. Pains

President Barack Obama arrived in London Tuesday where he is to attend the meeting of the Group of 20 nations.

Edmund Conway, economics editor of the Daily Telegraph, says Britain's economic conditions are very similar to that of the U.S.

"We're seeing many of the same phenomena that you've already seen in the States: rising unemployment, inflation going down toward the negative territory, and clearly our financial system has suffered, and we've had to bail out a number of our banks in much the same way," Conway says.

Obama is hoping world leaders at the summit will agree to a unified economic stimulus package, but Conway says the president's idea is unlikely to get much traction though British Prime Minister Gordon Brown is sympathetic to the idea.

"Unlike the U.S., the U.K. simply doesn't have an extra penny to spend on it at the moment because our budget deficit is so high and the markets, which fund our budget deficit, are so jittery at the moment," Conway says.

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