UK Chancellor claims G8 meetings benefitting from 'informal' nature

The G8 summit has a smart-casual dress code, George Osborne revealed today after eyebrows were raised at the British Prime Minister greeting world leaders in his rolled-up shirtsleeves.

David Cameron dispensed with his tie and jacket yesterday as he formally welcomed the rest of the group to a luxury golf resort beside Lough Erne in the North where the UK is hosting the annual gathering of leading industrialised nations.