Hosting the meeting alongside Governor of the Bank of
England Andrew Bailey, the Chancellor urged his
counterparts to match the UK’s ambitions ahead of
COP26, and stressed the importance of working together
to support a smooth and effective transition of our
economies to net zero.
Ministers and Central Bank Governors exchanged views on
how best to shape and respond to the phases of the
global recovery from Covid-19, including supporting
workers and businesses in the near term while ensuring
sustainability in the long term.
The Chancellor also highlighted the moral, health and
economic case for rapid and fair vaccine distribution
across the world and called on the G7 to take the lead
in shaping support for vulnerable countries in 2021.
The G7 must ensure that International Financial
Institutions have the right tools to equip and enable
vulnerable countries to respond to the pandemic, and
the Chancellor called on private sector creditors to
play their full part to help ensure sustainable debt
treatments for the poorest countries, paving the way
for a truly global recovery.
Making progress on reaching an international solution
to the tax challenges of the digital economy was noted
as a key priority. The UK underlined our commitment to
this issue, and called on the G7 to work together
towards reaching an enduring multilateral solution by
the mid-2021 deadline agreed by the G20. To this end
the Chancellor pointed to the need for constructive
joint work across the G7, G20 and OECD.
Joined by counterparts from the G7 the Chancellor also
warmly welcomed US Treasury Secretary Janet Yellen to
her first G7 meeting in her new capacity.
Chancellor
thanked his colleagues for the call, and closed by
stressing this once in a generation opportunity to work
together in our efforts to save lives, support jobs,
and build a fairer, greener and more prosperous world.
- the G7 comprises of the United Kingdom, Canada,
France, Germany, Italy, Japan, the United States and
the EU
