In advance of the gathering of the G20 in London in April 2009, this report explains the scale of the economic challenge facing the world, describes the origins of the economic crisis, offers proposals for the regulation of the financial sector and makes the case for activist fiscal policy. So far politicians have focused their attention on the banking sector, but the policy instruments available will only be seen as legitimate if they are directly related to the preoccupations of citizens’ daily lives – job security, pensions, prices. Moreover, policymakers must make a more serious effort to explain the case for open markets and describe how citizens and businesses will be supported through periods of disruptive change.