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Heavyweight issues at G7

Thursday, May 09, 2013 - 01:39

May 9 - Protesters gather outside the Treasury in London to urge the UK to do more to stamp out tax avoidance, a day before G7 finance ministers meet in Britain. Kirsty Basset reports.

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Ignoring the obvious problem. That's what these activitists say Britain's Finance Minister George Osborne is doing by refusing to discuss tax havens. They're angry the issue of tax evasion won't be on the agenda at this weekend's G7 meeting. (SOUNDBITE)(ENGLISH) MELANIE WARD, SPOKESWOMAN FOR THE 'ENOUGH FOR EVERYONE IF' CAMPAIGN SAYING: "I think a lot of people both here and the UK and around the world are fed up with tax dodging. They're fed up with a system where the rich and powerful play to a different set of rules to everyone else." It will be discussed at a G8 meeting in Northern Ireland next month. But talks between finance ministers this weekend are likely to be dominated by how to boost growth in Europe. Ian Stannard is head of European FX strategy at Morgan Stanley. (SOUNDBITE)(English) HEAD OF EUROPEAN FX STRATEGY AT MORGAN STANLEY, IAN STANNARD, SAYING, "I think the global discussion is going to remain very much on growth and attempts to get growth moving." British Prime Minister David Cameron hosted a global investment conference ahead of the G7. He said he hoped trade deals between the EU and the United States and Canada would be the impetus for growth in coming years. (SOUNDBITE)(English) BRITISH PRIME MINISTER DAVID CAMERON SAYING: "Europe needs to change. It is not open enough, it is not competitive enough and it is not competing effectively with fast growing parts of the world." Ministers will also try to speed up banking and finance reforms. Germany may come under renewed pressure to give more support to a banking union in the euro zone. But ministers are unlikely to come up with anything new to fix the world economy. Some officials are even quietly questioning why the event is taking place, since discussions at the IMF were held just three weeks ago.

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Heavyweight issues at G7

Thursday, May 09, 2013 - 01:39