The Chancellor has arrived in the US with a pledge to tackle
global economic pressures head-on during a string of bilateral
talks with counterparts within the US Government and leading
international economic and financial
institutions.
During visits to New York and Washington D.C. this week, will stress the need for
continued collaboration with the UK’s international partners and
allies like the US to tackle the issues that are causing rising
prices and slower growth across world economies.
The government has stepped in with £37 billion worth of Help for
Households across the UK in the face of global pressures
exacerbated by Putin’s illegal invasion of Ukraine, and the
Chancellor is developing further options for support in
preparation for the incoming Prime Minister. will use this week’s meetings
to seek international collaboration to tackle the global
challenge of inflation and rising prices.
Chancellor of the Exchequer, , said:
“We have a strong and resilient UK economy and are easing the
burden facing families at home with an unprecedented £37bn
support package, while working flat out to develop further
options for a new Prime Minister.
“But these global pressures must be overcome through global
efforts. I’m determined – here in the US - to work closely with
my allies on the common challenges we face to create a fairer
and more resilient economy at home and abroad.”
The Chancellor will visit the New York Stock Exchange in the
first leg of his visit, holding meetings with senior
representatives at global banks to discuss the aim of setting the
highest possible standard for global financial services
cooperation between the two nations.
It comes following the introduction of the UK Government’s
ambitious Financial Services and Markets Bill, which seizes the
opportunities of Brexit to bolster the competitiveness of the UK
as a global financial centre and seeks to deliver better outcomes
for consumers and businesses.
Zahawi will then travel to the US capital for a day of meetings
with senior stakeholders at international financial institutions,
the US central bank and the US Treasury. On
the agenda will be discussions around support for Ukraine and
vulnerable countries, the global economic outlook and future
energy security.
Zahawi is expected to indicate a desire for increased civil
nuclear cooperation and closer working between the UK and US
nuclear industries on developing technologies, such as small and
advanced modular reactors. Discussions will also be held on
furthering sanctions against Russia in response to Putin’s war of
aggression against Ukraine.
The Chancellor will round-off with visits to two Washington D.C.
based think tanks, where he will host a roundtable and hold an
‘in conversation’ event on the UK economy as a competitive
economic and green technology hub, before visiting a
world-leading biopharmaceutical facility.
