G7shambles continues

G7 <strike>attempts</strike> <strike>desperately scrambles</strike> utterly fails to find unity.

Yesterday's G7-shambles was only the beginning.

First, there was the statement co-signed, apparently, by all G7 nations, which appeared to support Japan's efforts to depress the Yen. Accordingly, the Yen fell slightly against the dollar.

Then, headlines on Bloomberg — attributed to "G7 OFFICAL" — suggested that that interpretation was exactly backwards. The statement was supposed to be a condemnation of Japan's alleged currency manipulation. And when that happened, the Yen soared:

Then a third official — British, this time, because it was us who put together the joint statement and the Bank of England which published it — said that no, it wasn't meant to be interpreted as "about an individual country or currency", and could we all just stop fretting please? Needless to say, that didn't go down brilliantly either.

The whole thing led to one of the most telling updates to a news headline I've ever seen, as the FT's "G7 attempts to defuse currency tensions" became "G7 fails to defuse currency tensions".

The whole move was an attempt to take a lead as the G7 governments arrive in Moscow for the G20 meeting this weekend, as Mark Carney, the next governor of the Bank of England, explained to the Canadian House of Commons yesterday:

We signed a statement, the minister of finance and I, ... which reaffirmed the commitment of the G7 to ensure that monetary policy is focused on domestic objectives, not on targeting exchange rates. And we hold the members of the G7 to that long-standing position. It is extremely important.

It's important that we as a G7 go in united and forcefully to the G20 to enlarge that commitment as quickly as possible amongst the major emerging economies in the G20, some of whom entirely ascribe to flexible exchange rates and are supportive, others who have a lot of work to do.

That seems less and less likely to be the case now. The goal for the G7 has receded from presenting a united face in order to convince developing economies of the benefits of free exchange rates, to just trying to get its own house in order.

*facepalm*. Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

David Cameron addresses pupils at an assembly during a visit to Corby Technical School on September 2, 2015. Photograph: Getty Images.
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Can Cameron maintain his refugee stance as he comes under attack from all sides?

Tory MPs, the Sun, Labour and a growing section of the public are calling on the PM to end his refusal to take "more and more". 

The disparity between the traumatic images of drowned Syrian children and David Cameron's compassionless response ("I don't think there is an answer that can be achieved simply by taking more and more refugees") has triggered a political backlash. A petition calling for greater action (the UK has to date accepted just 216 refugees) has passed the 100,000 threshold required for the government to consider a debate after tens of thousands signed this morning. Scottish Conservative leader Ruth Davidson has tweeted: "This is not an immigration issue, it's a humanitarian one, and the human response must be to help. If we don't, what does that make us?" Tory MPs such as Nicola Blackwood, David Burrowes, Jeremy Lefroy and Johnny Mercer have similarly appealed to Cameron to reverse his stance.

Today's Sun declares that the UK has "a proud record of taking in desperate people and we should not flinch from it now if it is beyond doubt that they have fled for their lives." Meanwhile, the Washington Post has published a derisive piece headlined "Britain takes in so few refugees from Syria they would fit on a subway train". Labour has called on Cameron to convene a meeting of Cobra to discuss the crisis and to request an emergency EU summit. Yvette Cooper, who led the way with a speech on Monday outlining how the UK could accept 10,000 refugees, is organising a meeting of councils, charities and faith groups to discuss Britain's response. Public opinion, which can turn remarkably quickly in response to harrowing images, is likely to have grown more sympathetic to the Syrians' plight. Indeed, a survey in March found that those who supported accepting refugees fleeing persecution outnumbered opponents by 47-24 per cent. 

The political question is whether this cumulative pressure will force Cameron to change his stance. He may not agree to match Cooper's demand of 10,000 (though Germany is poised to accept 800,000) but an increasing number at Westminster believe that he cannot remain impassive. Surely Cameron, who will not stand for election again, will not want this stain on his premiership? The UK's obstinacy is further antagonising Angela Merkel on whom his hopes of a successful EU renegotiation rest. If nothing else, Cameron should remember one of the laws of politics: the earlier a climbdown, the less painful it is. 

George Eaton is political editor of the New Statesman.