Prime Minister David Cameron held talks with the First Ministers of Scotland, Northern Ireland and Wales, focusing on spending cuts.
Alex Salmond, Peter Robinson and Carwyn Jones were in London as a committee of UK and devolved administrations met for the first time.
The first ministers are calling for more financial powers to be transferred from Westminster.
Deputy Prime Minister Nick Clegg also attended the meeting.
It took place amid concerns over how the Westminster government's spending cuts plans will affect Scotland, Northern Ireland and Wales.
A joint statement released afterwards said: "Ministers discussed the impact of the recession on their administrations and of the planned expenditure cuts affecting each administration.
"They agreed that all four administrations had a shared commitment to protecting the economy and to responsible management of public finances.
"They also identified shared interests in encouraging sustainable economic growth and achieving the best value provision of public services, especially as resources get tighter."
An early meeting of all four finance ministers is now being arranged which will discuss the forthcoming spending review. Ministers have agreed to maintain "regular dialogue" on economic issues.