The G20 summit has come to an end without the deal on currency that the US and UK believed was essential to stave off the threat of global protectionism.

But Chancellor George Osborne has defended the results of the summit, telling the programme that "concrete steps" had been taken in the interest of securing the global recovery - citing IMF reform and international regulation on banking.

And despite a lack of definite agreement, he said that an "important step forward" had been taken to resolve the currency wars threatening global economic growth.

An arrangement that countries including China would have their handling of their currencies assessed next year meant the problem was nearing resolution, he said.

"This is not being kicked off into infinity, this is very much something that is coming down the track."

"This is a problem that the world has been talking about since the 1940s, and I think we are much, much closer to resolving it today than we have been in the past".

"I know it's not all dramatic, and it's not all done in one day and it's a process. But in a way you don't want a world that is all surprises".

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