Britain says to host G7 finance meeting

LONDON, United Kingdom – Britain will host a meeting of finance ministers and central bank governors from the Group of Seven next year, when it assumes the presidency of the world’s top industrialized nations, it said on Thursday, November 29.

The G7 finance meeting will take place on May 10-11 and will discuss ongoing efforts to fight global financial strains, the government’s powerful Treasury department announced in a statement that did not reveal the location.

The gathering will be co-chaired by British finance minister George Osborne and the Bank of England’s outgoing governor Mervyn King, who steps down at the end of June to be replaced by Bank of Canada boss Mark Carney.

“I look forward to hosting colleagues from the G7 to Britain in the spring,” Chancellor of the Exchequer Osborne said in the statement.

“This group remains an important institution and a key forum in which to grapple with the challenges that face the global economy.

“This meeting will be a significant opportunity for the UK and our partners to take on these challenges and to show leadership in the fight to tackle the ongoing ramifications of the global financial and debt crisis,” Osborne added.

The G7 comprises Britain, Canada, France, Germany, Italy, Japan and the United States, and represents about half of the world’s total economic output.

The G8 summit of the world’s eight richest nations — comprising the G7 plus Russia — will be held in Northern Ireland next year. – Agence France-Presse