Gordon Brown has said he wants international tax cuts to help relieve the world economy and take pressure off offices in London and other parts of the globe.
The prime minister has arrived in New York and proposed a plan to help ailing markets, which he hopes will garner support from international leaders.
Before the meeting of the G20 group, Mr Brown stressed the need for urgency.
“The cost of inaction will be far greater than the cost of any action.”
“By acting now we can stimulate growth in all our economies,” he said.
Mr Brown hopes that by remaining true to free market principles it will be possible to stimulate an economic recovery.
“This is a global problem that requires a global solution. Only by acting with our international partners can we address the challenging economic circumstances affecting families and business in Britain,” he went on.
The G20 is an informal forum of leading finance ministers and central bank governors, which meets to discuss key global economic matters.