Updated: Sat, 11 May 2013 13:21:27 GMT | By Agence France-Presse

G7 committed to 'nurturing' economic recovery: Britain

The Group of Seven top economies is committed to "nurturing" world economic recovery, British finance minister George Osborne said Saturday after a meeting of the international body.


G7 committed to 'nurturing' economic recovery: Britain

Britain's Chancellor of the Exchequer George Osborne (C) attends the G7 finance ministers and central bank governors meeting in Aylesbury, southern England, on May 10, 2013. The G7 top economies are set for a second day of talks on Saturday aimed at spurring growth amid US-Europe divisions over the scale of austerity and renewed market focus on "currency wars" after the yen hit new dollar lows.

"Overall, our discussions over the past two days have reaffirmed that there are still many challenges to securing sustainable global recovery, and we can't take it for granted," he told reporters.

"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."

The chancellor of the exchequer was speaking after a two-day informal meeting of G7 finance ministers aimed at striking a balance between supporting fragile economic recovery and slashing government debts.

Osborne said the discussions had revealed more areas of agreement between the members states than is assumed, amid pressure from the United States for Europe to scale back deep austerity measures.

He also told reporters after the talks in Aylesbury, northwest of London, that the G7 ministers had agreed on the "importance of collective action" to tackle tax evasion, which Britain has made a priority of its presidencies of the G7 and the G8.

 The G7 comprises Britain, Canada, France, Germany, Italy, Japan and the United States. The G8 is the G7 plus Russia.

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