The Chancellor has today (22 April) pledged to “stand up for
Britain's national interest”, as she heads to Washington DC for
her first spring meetings of the International Monetary Fund
(IMF).
During a three-day visit to the United States, is set to hold meetings with
G7, G20 and IMF counterparts about the changing global economy.
She will make the case for open trade that provides stability for
businesses and security for working people. The Chancellor will
underline the importance of tackling barriers to trade to
kickstart economic growth, supporting businesses and putting more
money in working people's pockets.
Earlier this month the Chancellor announced over £400m of trade
and investment deals with the Indian Government across a range of
business sectors, including defence, financial services,
education, and development. In recent weeks the Government has
acted to save British Steel, safeguarding the future of
steelmaking in the UK and protecting 2,700 jobs in Scunthorpe and
up to 37,000 jobs in the wider supply chain, announced a £20
billion boost to UK Export Finance which will give thousands of
British access to government-backed financing and announced new
measures to give British car makers certainty and stability, and
to support them on the transition to electric vehicles. Earlier
this month over 3 million workers in shops, restaurants and
workplaces across the UK received a pay boost worth £1,400 a year
for an eligible full-time worker, while also rolling out free
breakfast clubs in primary schools putting £450 a year in the
pockets of working parents and protecting the payslips of working
people from higher taxes.
She will hold discussions with finance ministers about the
opportunities to strengthen economic ties with Britain, including
members of the Comprehensive and Progressive Agreement for
Trans-Pacific Partnership. Talks with European finance
ministers will also focus on going further and faster to increase
defence spending and improve cooperation in response to continued
Russian aggression and the invasion of Ukraine.
Reeves will hold her first in person meeting with her US
counterpart Treasury Secretary Scott Bessent about working
together to deepen the UK-US economic partnership through a new
trade agreement.
In Washington, the Chancellor will also meet with business
leaders to talk about the Government's Plan for Change to
kickstart economic growth. She will champion Britain as the best
place to live, work and grow a business, highlighting the
Government's ambition to go further and faster to tackle the
barriers to investment. By backing the builders not the blockers,
through reforms to the National Planning Policy Framework – which
alone is expected to deliver an extra 170,000 homes by 2029/30,
as well upcoming the Planning and Infrastructure Bill and a
Government pledge to cut the administrative cost of regulation on
business by a quarter, making Britain the best place to do
business and drive economic growth.
Speaking ahead of her visit, Chancellor of the Exchequer
said:
“The world has changed, and we are in a new era of global trade.
I am in no doubt that the imposition of tariffs will have a
profound impact on the global economy and the economy at home.
“This changing world is unsettling for families who are worried
about the cost of living and businesses concerned about what
tariffs will means for them. But our task as a government is not
to be knocked off course or to take rash action which risks
undermining people's security.
“Instead, we must rise to meet the moment and I will always act
to defend British interests as part of our Plan for Change. We
need a world economy that provides stability and fairness for
businesses wanting to invest and trade, more trade and global
partnerships between nations with shared interests, and security
for working people who want to get on with their lives.”
