The Chancellor is today in Bengaluru, India to
attend the G20 Finance Ministers and Central Bank Governors
Meeting in his first visit overseas since taking office.
The meeting comes one year after Russia's full-scale invasion of
Ukraine – where the Chancellor will reaffirm the UK’s unwavering
support for Ukraine and discuss with other G20 members ways to
address issues such as elevated global inflationary pressures and
the instability in energy and food prices that are being
exacerbated by the war.
It follows the latest move on behalf of the G7, the European
Union and Australia, who via a Price Cap Coalition, set caps on
the price of seaborne Russian oil products effective from 5
February 2023. High-value Russian exports such as diesel and
gasoline are capped at $100 while lower-value products such as
fuel oil are capped at $45. The UK phased out the import of
Russian oil and oil products last year.
The Chancellor is attending the G20 alongside the Governor of the
Bank of England Andrew Bailey. Both are focused on tackling
inflationary pressures in the UK. Inflation is the first of 5
Prime Minister priorities, with the Prime Minister looking to see
inflation halve this year on its way back to the target.
The Chancellor and Bank of England Governor will also join a
meeting of G7 Finance Ministers on Thursday.
Chancellor of the Exchequer said:
"The UK continues to stand firm in our support for Ukraine with
significant military and humanitarian assistance. The sooner
there is sustainable peace in Ukraine and an end to this horrific
war, the sooner we can address the global economic fallout –
diminishing Putin's leverage over the UK and our friends.”
The trip also aims to strengthen the already productive UK/India
economic relationship and deepen ties to increase new investment
and bringing new jobs to the UK. With its rich reputation for a
cutting-edge tech industry, the Chancellor will be meeting Indian
tech CEOs and founders in Bengaluru to explore investment
opportunities and how links with India can help the UK become the
world’s next Silicon Valley, building on our existing $1 trillion
(£827 billion) tech industry.
The Chancellor added:
“I want the UK to be the world’s next Silicon Valley – this is an
ambition within reach thanks to our status as a global financial
powerhouse and home to world class universities and research
institutions.
"We already have a $1 trillion tech industry, but we want to go
further to create jobs and wealth across the UK. To help us get
there, we need to deepen investment connections with like-minded
countries around the world – starting with our Indian friends who
are fast becoming an economic superpower in their own right.”
India is projected to be the world’s third largest economy by
2050, with a tech industry that generated US$227 billion (£188
billion) in revenue in FY2022. It is already a significant
economic partner for the UK, and the Chancellor is seeking to
promote greater collaboration between the two countries.
The Chancellor’s work at the G20 will also contribute to the
government’s priorities to halve inflation this year to ease the
cost of living and give people financial security; grow the
economy, create better-paid jobs and opportunity right across the
country; and make sure our national debt is falling so that we
can secure the future our of public services.
