• Chancellor Rishi Sunak co-hosted a virtual meeting of G7 Finance Ministers and Central Bank Governors with Bank of England Governor Andrew Bailey earlier today (Friday 28 May)

• He called on counterparts to continue working together to secure a green and sustainable global economic recovery – and ensure tackling climate change is prioritised in economic and financial policy

• Today’s virtual meeting comes ahead of next week’s in-person G7 Finance Ministers’ Meeting that will take place in London 4-5 June.

The Chancellor also pressed for action that will ensure global financial markets play their part in the transition to net zero, such as improved climate-related financial disclosures and support for the development of international sustainability-related financial reporting standards.

The UK has already set an example globally by becoming the first country in the world to announce its intention to make climate reporting, in line with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD), fully mandatory across the economy by 2025.

This will improve understanding of how firms are managing the risks of climate change, and mean investors can take that into account when making financial decisions.

Speaking after today’s meeting – which comes ahead of next week’s in-person G7 Finance Ministers’ Meeting at London’s Lancaster House, Chancellor of the Exchequer, Rishi Sunak, said:

It was great speaking to my G7 counterparts today about the actions we need to take to progress our ambitious climate agenda.

I look forward to next week’s meeting as we continue working together to support jobs and secure a green and global economic recovery.

The Chancellor welcomed the G7’s continued progress on greening the financial system and highlighted the importance of ensuring the private sector plays its part in the global effort to reach net zero.

The Chancellor also reiterated the G7’s important role in steering the global economy through the next stages of economic recovery.

Mr Sunak reflected on the UK’s recovery at home, noting welcome signs that the government’s Plan for Jobs is working in supporting jobs and urged for continued coordination to ensure this recovery is shared across the globe.

Further information

• The TCFD recommendations provide a framework and set of recommended disclosures for firms to report on how climate impacts their business and how they are managing climate-related risks and opportunities

• Photographs of the call can be found on our flickr page

• The G7 comprises of the United Kingdom, Canada, France, Germany, Italy, Japan, the United States and the EU. The heads of the IMF, World Bank Group, OECD and FSB also joined the call.

• Readouts from the previous FMCBG meetings during the UK’s G7 Presidency can be found here

• Today’s virtual meeting comes ahead of next week’s in-person meeting of Finance Ministers in London, on 4-5 June

The Prime Minister met Hungarian Prime Minister Viktor Orbán in Downing Street today.

The leaders discussed the importance of the UK and Hungary working together bilaterally to increase security and prosperity in our countries and to address global challenges such as climate change.

Hungary will take on the presidency of the Visegrád Group of Central European nations in July and the Prime Minister looked forward to the UK working more closely with the group in future.

The Prime Minister raised his significant concerns about human rights in Hungary, including gender equality, LGBT rights and media freedom.

The leaders also discussed a number of foreign policy issues including Russia, Belarus and China. The Prime Minister encouraged Hungary to use their influence to promote democracy and stability.

UKAEA engineer Barry Preston has triumphed in the Shining Star category of the Oxfordshire Apprenticeship Awards 2021.

Barry – shortlisted as one of three nominees – took home the award in recognition of “outstanding career progression” following apprenticeship training.

Barry, who now works at UKAEA’s robotics centre RACE, joined as an Electrical Engineering apprentice in 2013 and graduated in 2017.

“The award is a real testament to everyone at UKAEA who supported me through the apprenticeship,” Barry said.

“It was challenging and enjoyable, and I recommend UKAEA’s apprenticeship to any young people interested in starting out as an engineer. The opportunities are endless, and you get paid while learning on the job.”

UKAEA was also nominated in two other categories in the awards. Rosie Lay was a finalist for Higher Apprentice of the Year, while UKAEA itself was shortlisted in the Large Employer apprenticeship award.

Pictured are Barry (right) with Amy Jordan of the UKAEA Early Careers team (left) and Rosie Lay (centre).

The Prime Minister spoke to Canadian Prime Minister Justin Trudeau this afternoon ahead of the UK’s G7 Summit next month.

The leaders agreed on the remarkable alignment between the UK and Canada’s foreign policy goals and the need to apply that unity to the challenges being discussed at the G7 Summit.

This includes tackling climate change, increasing global access to coronavirus vaccines and improving gender equality and girls’ education.

The Prime Minister and Prime Minister Trudeau agreed on the importance of taking an approach on these issues driven by our shared values.

They also discussed strengthening the relationship between the UK and Canada, including by agreeing a Comprehensive Free Trade deal and through UK accession to the CPTPP, and a number of foreign policy issues.

The leaders looked forward to seeing each other in Cornwall in two weeks’ time.