UK to lead G7 discussion on Covid economic recovery on Feb 12

Britain will chair a meeting of finance ministers and central bank governors from the Group of Seven rich nations on Feb. 12 to try to map a way out of the global economic crisis inflicted by Covid-19 and find a solution to an international tax wrangle too.

British finance minister Rishi Sunak and Bank of England Governor Andrew Bailey will co-host the online meeting of their counterparts from the United States, Germany, Japan, France, Italy and Canada, as well as the European Central Bank, Britain's finance ministry said.

"Recognising that a global crisis needs global solutions, the Chancellor will work with his counterparts to address the shared economic challenges facing our domestic and global economies, and seek to achieve a strong and sustainable economic recovery from coronavirus," the ministry said.

Climate change and biodiversity loss would be made a central priority ahead of the COP26 conference to be hosted by Britain in November, it added.

"This in addition to working closely to reach a global solution on tax challenges created by digitalisation on the economy, and supporting the global sustainable financing of Covid-19 vaccines, therapeutics and diagnostics," it said.