UK hosts first G7 finance ministers’ meeting, centering green recovery, support to vulnerable countries, jobs protections, taxes on digital economy

The UK hosted its first virtual G7 Finance Ministers’ and Central Bank Governors’ meeting on February 12, 2021. The UK Chancellor for the Exchequer, Rishi Sunak, led the meeting by calling upon his counterparts – the Finance Ministers and Central Governors from France, Italy, Germany, Canada, the US, and Japan – to ensure a green recovery post-COVID-19 by putting the climate and nature at the center of all economic and financial decision-making in 2021.

Sunak also called for G7 countries to work with international institutions to enable vulnerable countries to manage the pandemic. This included supporting a rapid and fair vaccine distribution, and supporting debt relief, with a call for private-sector creditors to help ensure sustainable debt treatment to the poorest countries and ensure access to credit and grants for low-income countries.

Sunak also called for the G7 finance ministers to focus in the year ahead on protecting jobs and reaching a global solution to the tax challenges created by the digitalization of the economy.

The meeting comes ahead of the UK’s first G7 virtual leaders meeting on February 19, 2021.

Press release - UK government

News article - Devex