will tell her global
counterparts that the Government's first Budget will “invest in
the foundations of future growth,” as she attends her first
annual meetings of the International Monetary Fund (IMF) in
Washington D.C as Chancellor.
The Chancellor will pledge that the Budget next week will be
“built on the rock of economic stability” to fix the foundations
and deliver change. She will set out how public investment will
help fuel mission-led government, from boosting investment in
science and technology, transitioning to clean energy and
upgrading infrastructure.
The Chancellor will attend G7, G20 and IMF meetings to represent
Britain's interests on issues including the global economy, the
international financial system and ongoing support for Ukraine.
This follows the UK's announcement of its £2.26bn contribution to
the G7's Extraordinary Revenue Acceleration (ERA) Loans for
Ukraine scheme, backed by the profits from sanctioned Russian
sovereign assets. She will also hold a series of bilateral
meetings with her international counterparts.
Chancellor of the Exchequer said:
“A Britain built on the rock of economic stability is a Britain
that is a strong and credible international partner. I'll be in
Washington to tell the world that our upcoming Budget will be a
reset for our economy as we invest in the foundations of
future growth.
“It's from this solid base that we will be able to best represent
British interests and show leadership on the major issues like
the conflicts in the Middle East and Ukraine."
At the Annual Meetings, Chancellor Reeves will support proposals
to expand financing for development, needed for countries to meet
the United Nations' Sustainable Development Goals and tackle
unsustainable debt. She will also press for all G20 countries to
meet G20 best practice on debt transparency and move swiftly to
implement support for countries facing pressing liquidity
problems. The Chancellor will welcome the agreement of a new G20
roadmap to scale up financing to developing countries through
Multilateral Development Banks.
It is the 80th anniversary year of the founding of the
IMF and the World Bank, established at a conference in Bretton
Woods, New Hampshire in 1944 to promote international cooperation
on economic and monetary policies. At this years' gathering the
Chancellor will also call for change to the global financial
system to deliver a fairer deal for vulnerable countries.
The IMF released its latest survey of the global economy on
Tuesday, in which the UK's growth forecast was upgraded to 1.1%
in 2024. Whilst this is welcome, the Chancellor will make clear
to her counterparts that there will be more long-term decisions
required to reinforce stability and deliver on the promise of
change at her first Budget on 30 October.
The Chancellor's trip to Washington D.C. follows the
International Investment Summit earlier this month, at which it
was announced that nearly 38,000 jobs are set to be created
across the UK thanks to a total of £63 billion in investment
commitments from businesses around the world. The vote of
confidence in the UK is a clear sign Britain is open for business
and ready to drive sustainable growth across the country.
