British Chancellor George Osborne Friday hailed the consensus reached at the Group of 20 summit that ended earlier in the day in the South Korean capital of Seoul.

Speaking in a radio interview with the BBC, he said: "People are going to see some concrete steps taken in Britain's interests and in the world's interests to secure the global recovery."

"We have got lasting reform at the IMF, so that this institution started after the Second World War now reflects the modern world, with countries like China and Brazil properly represented.

"We are going to see international regulations on banking which no one would have dreamt possible two years ago at the time of the banking crisis."

The summit ended with a communique which contained consensus on a wide range of issues such as the global monetary system, volatility of capital flows, development and reform of the IMF.