The Chancellor of the Exchequer, Jeremy Hunt, will attend the G20 meeting where he will reaffirm the UK’s unwavering support for Ukraine, one year after Russia’s full-scale invasion. The meeting will also discuss ways to address issues such as elevated global inflationary pressures and instability in energy and food prices, which are being exacerbated by the war.
Recently, the G7, European Union, and Australia set caps on the price of seaborne Russian oil products, including diesel, gasoline, and fuel oil, effective from February 5, 2023. High-value Russian exports are capped at $100 while lower-value products are capped at $45. The UK phased out the import of Russian oil and oil products last year.
The Chancellor, along with the Governor of the Bank of England, Andrew Bailey, will attend the G20 meeting to tackle inflationary pressures in the UK. Inflation is the first of the five Prime Minister’s priorities, with the aim of halving inflation this year and returning it to the target level.
The Chancellor and the Bank of England Governor will also join a meeting of G7 Finance Ministers to discuss ways to address global economic fallout.
The UK continues to stand firm in its support for Ukraine, providing significant military and humanitarian assistance. The Chancellor emphasizes that sustainable peace in Ukraine and an end to the war would help address the global economic fallout, diminishing Putin’s leverage over the UK and its allies.
The Chancellor’s trip also aims to strengthen the already productive UK/India economic relationship and deepen ties to increase new investment and bring new jobs to the UK. The UK’s ambition is to become the world’s next Silicon Valley, building on its existing $1 trillion tech industry. The Chancellor will meet Indian tech CEOs and founders in Bengaluru to explore investment opportunities and how links with India can help the UK achieve its ambition.
India is projected to become the world’s third-largest economy by 2050, with a tech industry that generated US$227 billion in revenue in FY2022. The Chancellor is seeking to promote greater collaboration between the UK and India, given that India is fast becoming an economic superpower.
The Chancellor’s work at the G20 will contribute to the government’s priorities, including halving inflation this year, growing the economy, creating better-paid jobs, and securing the future of public services. The UK’s proactive approach in addressing economic issues and deepening economic ties with India reflects its commitment to building a sustainable and prosperous future for its citizens.
Source: Gov[Dot]UK
