UK could lose G-7 status

UK could lose G-7 status

LONDON (Reuter): Britain could lose its status as one of the world's seven largest economies in the next 20 years as fast- growing economies move up the world rankings, according to a UK Treasury report cited by the Financial Times.

The newspaper said the report predicted that Britain, France and Italy would lose their Group of Seven status and be overtaken by China, India, Brazil and Indonesia.

The report said the British government should seek reform of international institutions such as the International Monetary Fund to ensure it retains influence as the developing economies demand more power.