Kickstarting economic growth that delivers for the
British people is the Government's focus, Chancellor will tell her fellow finance
ministers at the G7.
The Chancellor arrives in Banff, Canada today for a two-day
summit with finance leaders from the world's major democracies.
Reeves comes carrying the message that Britain is open for
business after securing three major deals in the past
fortnight that puts more money in working people's pockets.
Speaking ahead of her visit, Chancellor of the Exchequer
said:
“This Government is laser-focused on delivering for the British
people. That's why in the past two weeks we have struck three
major deals with the US, EU and India that will kickstart
economic growth and put more money in people's pockets as part of
our Plan for Change.
“The world is changing, but we have shown in recent weeks that
Britain is a strong economy that can navigate that change and we
are once again a nation that is open for business.”
Reeves arrives for the meetings off the back of the success of
the UK-EU Summit - at which an agreement was struck with the
European Union that is good for jobs, good for bills and good for
borders, and which will add nearly £9 billion to the UK economy
by 2040 - and the latest growth figures, which show that the UK
economy was the fastest growing in the G7 in the first quarter of
this year.
The Chancellor is expected to meet with US Treasury Secretary,
Scott Bessent, for the first time since the UK and US agreed a
landmark deal that protects British businesses, slashes tariffs,
and saves thousands of jobs across areas like steel and cars. It
paves the way for further negotiations on tariffs to secure
benefits across our economy – such as a future UK-US technology
partnership – and came just days after the UK-India Free Trade
Agreement that will boost UK GDP by £4.8 billion and wages by
£2.2 billion each year in the long run.
Reeves is also set to speak with Canadian Finance Minister,
François-Philippe Champagne, for the first time since the
Canadian election, with the Chancellor welcoming Canada's
leadership during its G7 presidency in areas like tackling
financial crime and supporting the strong ties between the UK and
Canada on trade and economic security.
More widely the Chancellor will use the meetings to highlight to
her counterparts how the UK government has prioritised bringing
stability back to the economy in an uncertain world as part of
the Plan for Change - allowing interest rates to be cut four
times, delivering lower costs for businesses and homeowners. The
Government is making Britain the best country to do business,
offering stability; an active partnership; an open, trading
economy; and reforms that make it easier to business.
Ukrainian Finance Minister Sergii Marchenko will be in attendance
in Banff, after appearing alongside the Chancellor in a
discussion on Ukraine and the importance of mobilising private
capital for development at the EBRD Annual Meetings in London
last week.
Reeves will voice the UK's unwavering support for Ukraine and
make the case that allies must be ready to ratchet up pressure on
Russia's war machine if Putin shows he is not willing to engage
seriously to reach a just and lasting peace. Britain recently
announced the largest ever sanctions package targeting the
decrepit and dangerous shadow fleet carrying Russian oil, in
recognition that such exports are key in financing Putin's
illegal war and therefore further turning up the pressure on
Russia's reeling economy.
Canada will host King Charles and Queen Camilla on 26 and 27 May
for the opening of Parliament, and Prime Minister will also visit for the G7
Leaders' Summit in June.
