- Chancellor leads talks with finance ministers from leading
economies including Australia and Japan to co-ordinate the
response to the Middle East conflict's economic fallout
- Joint pledge to act responsibly and responsively, avoid
unnecessary trade restrictions and protect global growth and
living standards
- Ministers back safe passage for energy supplies, including
through the Strait of Hormuz, and warn against disruption driving
up costs
The Chancellor has led on a joint statement from
finance ministers from the UK, Australia, Japan, Sweden,
Netherlands, Finland, Spain, Norway, Republic of Ireland, Poland
and New Zealand calling for co-ordinated international action in
response to the conflict in the Middle East.
In Washington for the IMF Spring Meetings, the Chancellor is
setting out Britain's plan for economic security through the
crisis – prioritising stability, keeping costs down for families
and businesses, taking back control of our energy costs, and
going further and faster to build a stronger, more resilient
economy.
The Chancellor worked closely with counterparts to agree a shared
approach to manage the economic consequences in a “coordinated,
responsible and responsive” way, and to press for a swift and
lasting resolution.
Ministers warned that renewed hostilities or disruption to
shipping through the Strait of Hormuz could threaten energy
security and supply chains, pushing up prices and weakening
living standards. They stressed that global instability quickly
becomes higher costs at home, hitting the most vulnerable
hardest.
They agreed domestic responses should be responsive to events and
responsible in the national interest, reflecting the constrained
state of public finances. The UK is taking forward the lessons of
2022, when energy market volatility increased UK debt interest
costs by £9.4 billion, underlining the risks of large,
unaffordable interventions.
, Chancellor of the Exchequer,
said:
This is not our war, but it is pushing up costs for UK families
and businesses. My priority is economic security - keeping costs
down, taking back control of our energy security, and acting
responsibly in the national interest.
A sustained ceasefire and avoiding knee-jerk responses is key to
limiting costs for households. In Washington I'm urging a
co-ordinated response focused on stability, including safe
passage for energy supplies through the Strait of Hormuz.
In the joint statement, ministers committed to avoid unnecessary
trade restrictions that would add to price pressures or disrupt
critical supply chains.
They reaffirmed the role of international institutions, welcoming
the IMF–World Bank–IEA co-ordination group and calling on the IMF
and World Bank to stand ready with co-ordinated support for
vulnerable countries, particularly small and remote states.
Ministers also committed to strengthen energy resilience and
accelerate long-term diversification, including through the clean
energy transition and improved energy efficiency.
Background:
The joint statement has been signed by:
-
, Chancellor of the
Exchequer
- Dr Jim Chalmers MP, Treasurer of Australia
- Satsuki Katayama, Minister of Finance of Japan
- Carlos Cuerpo, Minister of Economy, Trade and Business of
Spain
- Jens Stoltenberg, Minister of Finance of Norway
- Elisabeth Svantesson, Minister for Finance of Sweden
- Nicola Willis, Minister of Finance of New Zealand
- Eelco Heinen, Minister of Finance of the Netherlands
- Riikka Purra, Minister of Finance of Finland
- Andrzej Domański, Minister of Finance of Poland
- Simon Harris, Tánaiste and Minister for Finance of Ireland
