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G7 finance ministers meet to discuss banking reform Osborne: G7 agree to target tax evasion and avoidance
(about 4 hours later)
Finance ministers from the G7 group of industrialised nations are meeting, with global banking reforms and tax evasion on the agenda. The G7 group of industrialised nations have agreed there needs to be collective action to target tax evasion and avoidance, the chancellor has said.
The two-day meeting in Buckinghamshire is being chaired by Chancellor George Osborne, who said the focus would be on "how to nurture the recovery". Speaking at the end of the two-day meeting in Aylesbury, George Osborne said it was "incredibly important" firms and individuals paid due tax.
But Japan's efforts to boost growth are also likely to be high on the agenda. The talks had shown there were more areas of agreement between the countries than assumed, he added.
Earlier this year Japan announced massive stimulus measures that have driven down the value of its currency. The G7 comprises the US, Germany, the UK, Japan, Italy, France and Canada.
That has raised questions about whether the country is directly targeting its exchange rate in order to boost exports. In a news conference held jointly with Bank of England governor Sir Mervyn King, Mr Osborne said the countries had also agreed it was important to ensure that no bank was "too big to fail".
International agreements designed to prevent currency wars say that exchange rates should be set by the market. "We must put regimes in place... to deal with failing banks and to protect taxpayers and to do so in a globally-consistent manner," he said.
The G7 comprises the US, Germany, Japan, the UK, Italy, France and Canada. The chancellor said the discussions had "reaffirmed that there are still many challenges to securing sustainable global recovery, and we can't take it for granted".
Mr Osborne said the group still wielded "major economic firepower" as they represented around half the global economy between them - although the larger G20 was now the "primary economic forum for setting the global rules of the game". He added: "But we are committed as the advanced economies in playing our part in nurturing that recovery and ensuring a lasting recovery so that we have prosperity in all our countries."
Mr Osborne, who will be chairing the meeting alongside Bank of England governor Sir Mervyn King, said: "We will be talking about how to nurture the recovery. Prior to the meeting, Mr Osborne had said the group still wielded "major economic firepower" as they represented around half the global economy between them - although the larger G20 was now the "primary economic forum for setting the global rules of the game".
"There is no doubt that there is greater stability - and that is reflected in financial markets - than perhaps there was last year." Mr Osborne was also asked about the news that the new Star Wars film is to be made in the UK. It was a boost to the UK's creative industries, he said.
Mr Osborne said on Friday that the G7 was a chance to "consider what more monetary activism can do to support the recovery, while ensuring medium-term inflation expectations remain anchored". "The UK has done good work in the last couple of years to make it a more competitive place to come and do your movies and your television and this is a fantastic vote of confidence in the United Kingdom."
The chancellor has faced pressure recently over the pace of the UK's austerity measures.The chancellor has faced pressure recently over the pace of the UK's austerity measures.
International Monetary Fund managing director Christine Lagarde will also be at the talks. Last month, the International Monetary Fund's chief economist, Olivier Blanchard, reiterated his belief that the chancellor should slow down the pace of the cutbacks.
She arrived in London on Wednesday with her team of economists for their regular annual visit to gauge the state of the UK economy. Meanwhile, International Monetary Fund managing director Christine Lagarde was at the talks after arriving in London on Wednesday with her team of economists for their regular annual visit to gauge the state of the UK economy.
Also among those attending the meeting will be Mark Carney, the next governor of the Bank of England. Also among those who attended the meeting was Mark Carney, the next governor of the Bank of England.
Japan's central bank governor, Haruhiko Kuroda, denied the bank was targeting currency rates.
US Treasury Secretary Jack Lew said the US would "keep an eye" on the yen, now at a four-year low against the dollar.