Bank reforms and tax evasion top G7 agenda

Finance ministers attending the meeting in Aylesbury represent around half the global economy between them. Credit: Alastair Grant/PA Wire

Bank reforms and tax evasion will lead the agenda at a meeting of G7 finance ministers, which is being chaired by George Osborne at a country house in Buckinghamshire.

Future Governor of the Bank of England Mark Carney and IMF managing director Christine Lagarde are among those attending the two-day talks.

The IMF, which will soon issue its annual health check of the UK, has already suggested the Chancellor must be more flexible with his deficit-reduction plans.

Mr Osborne conceded prior to this weekend's talks that meetings between the larger G20 group - which includes emerging economic forces like China, India and Brazil - play a greater role in "setting the global rules of the game".

But he insisted the G7 nations - the United States, Germany, Japan, the UK, Italy, France and Canada - still wield "major economic firepower".