Joaquim Levy and George Osborne deepen economic cooperation between Brazil and the UK

brasilobserver - Nov 18 2015
UK’s Chancellor, George Osborne (left), next to Brazil’s Minister of Finance, Joaquim Levy, during bilateral meeting in London

(Leia em Português)


The UK’s Chancellor, George Osborne, and the Minister of Finance of Brazil, Joaquim Levy, met in London in late October and reached a series of agreements to strengthen economic relations between the two countries – focusing on infrastructure projects, financial services and the Rio 2016 Olympic Games.

The joint statement, which can be accessed in full on the website of the Embassy of Brazil in London (, reports that were discussed “shared challenges to achieving long-term sustainable growth.” “We agreed on the importance of structural reforms, together with credible fiscal policies, in enhancing long-run productivity growth and improving living standards,” added the official communiqué of the meeting, first edition of the UK-Brazil Economic and Financial Dialogue, which will happen again in 2016.

The fiscal issue, moreover, was the central theme of the press conference given by Joaquim Levy in London. The finance minister said that Brazil will grow again only when the fiscal issue is resolved, but said he do not know in what time frame the adjustment will be implemented. “The fiscal problem was not treated with the energy it should: many in Congress know that,” he added. The government is awaiting the approval of the 2016 budget and tax measures that will allow the reduction of public spending and increase tax collection in the country.

After two days of meetings in London, Levy said that the scenario of uncertainty generates fear among investors. He said, however, that, while working to ensure a sound fiscal policy, the government is trying to attract investment in infrastructure to help “the country became more efficient, creating jobs and stimulating the economy.”

Levy cited the area of ports among those that continue to receive massive private investments. He said the auction of 29 hydroelectric plants with expired leases, scheduled for 25 November, will allow the generation of resources without the need to increase taxes.