- Chancellor will position UK as beacon of stability taking a
lead on global challenges during G20 in South Africa
- Britain rising to respond to moment of global uncertainty
with clear plans for infrastructure, financial services and trade
to drive growth
- Closer cooperation with G20 can deliver security for working
people and opportunity for business at home as part of our Plan
for Change, Chancellor will argue
Seizing opportunities for working people in an uncertain
world is Britain's priority, Chancellor will tell her fellow finance
ministers at G20 meetings in South Africa this week.
The Chancellor will outline how the UK Government's mission to
kickstart economic growth and raise living standard is
underpinned by its long-term plans for trade, industry,
infrastructure and financial services.
Chancellor of the Exchequer said:
“In a changing world, I am determined Britain leads by example as
a beacon of stability. Our Plan for Change is delivering the
strong foundations needed to drive prosperity for working people
at home, while we build a more resilient economy that works in
our national interest abroad.
“By doubling down on our global strengths in financial services,
infrastructure and trade, we're creating the conditions for
growth that creates the well-paid jobs and puts more money in
people's pockets – even in the face of global headwinds.”
Reeves arrives in Durban following her Mansion House address, in
which she set out a Competitiveness and Growth strategy to double
down on the UK's global strengths and make it the top destination
for financial services, backed by the Government's modern
Industrial Strategy. The plans will see hard-working people given
help to invest so everyone can save for a rainy day, businesses
freed from the stranglehold of excessive financial red tape, and
extra support for promising businesses through their start-up,
scale-up and listing journey. This will attract billions of
pounds of investment and create more high-skilled jobs across the
UK.
The UK was the fastest growing economy in the G7 in the first
quarter of 2025, expanding by 0.7%, and its new modern Industrial
Strategy and 10-Year Infrastructure Strategy will create the
conditions for sustained growth at home and abroad. This includes
investing at least £725 billion into infrastructure over the next
decade across eight growth-driving sectors where Britain holds a
cutting-edge on the world stage, and £22.6 billion per year in
research and development by 2029-30.
As well as expected meetings with counterparts from close allies
such as Germany and Australia, the Chancellor will also meet with
major South African companies and investors in Johannesburg to
underline Britain's commitment to open markets, innovation, and
long-term growth. She will pitch Britain as regulating for
growth, open to elite global talent, and nimble to unblocking
barriers to investment such as those within the planning system.
At a moment of significant global challenges, the Chancellor will
also voice the UK's support for multilateral institutions like
the G20 as an effective means of addressing those challenges,
while recognising the need to meet new economic realities. In
doing so, she will highlight Britain's leadership on sustainable
debt solutions for developing countries, and point to the UK's
new Trade Strategy designed to fit within a more open, fair, and
modern global trading system.
