Oxfam reaction to G7 summit outcomes

Energy security, climate change and the global economy were among the main topics the G7 leaders addressed during the Brussels summit, but Oxfam says what's needed is a stronger steer from leaders.

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Global economy: Wealth inequality and tax dodging

Regarding the global economy, G7 leaders reaffirmed their commitment to end financial secrecy and tax evasion, but they failed to say how they are going to take further action on wealth inequality, which can only block growth and job creation.

Alonso commented: "Today 85 people own as much wealth as half the world's population. At least US$18.5 trillion (£11 trillion) is hidden by wealthy individuals in tax havens worldwide representing a loss of more than $156 billion (£93 billion) in tax revenue; money that could be invested in promoting equitable and sustainable growth and jobs.

"By not agreeing on next steps to end financial secrecy and tax evasion, G7 leaders have in effect shut their eyes to the growing problem of economic inequality. In response, Oxfam is calling for the Post-2015 Millennium Development Goals to eradicate extreme economic inequality by 2030."

http://www.oxfam.org.uk/media-centre/press-releases/2014/06/oxfam-media-reaction-to-g7-summit-outcomes