Budget will invest in foundations of future growth
Chancellor Rachel Reeves is in Washington D.C. for her first IMF Annual Meetings, where she will say that the Budget is about investing in future growth.
Chancellor Rachel Reeves at the IMF Annual Meetings in Washington D.C.
- Reeves will set out how public investment will drive innovation in science and technology, the transition to clean energy, and upgraded infrastructure.
- Chancellor to represent British interests in G7, G20 and IMF discussions on the global economy, international financial system and ongoing support for Ukraine.
Rachel Reeves will tell her global counterparts that the Government鈥檚 first Budget will 鈥渋nvest in the foundations of future growth,鈥� as she attends her first annual meetings of the International Monetary Fund (IMF) in Washington D.C as Chancellor.
皇冠体育app Chancellor will pledge that the Budget next week will be 鈥渂uilt on the rock of economic stability鈥� 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.
皇冠体育app Chancellor will attend G7, G20 and IMF meetings to represent Britain鈥檚 interests on issues including the global economy, the international financial system and ongoing support for Ukraine. This follows the UK鈥檚 announcement of its 拢2.26bn contribution to the G7鈥檚 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 Rachel Reeves said:
A Britain built on the rock of economic stability is a Britain that is a strong and credible international partner. I鈥檒l be in Washington to tell the world that our upcoming Budget will be a reset for our economy聽as we invest in the foundations of future growth.
It鈥檚 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鈥� 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. 皇冠体育app 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鈥� gathering the Chancellor will also call for change to the global financial system to deliver a fairer deal for vulnerable countries.
皇冠体育app IMF released its latest survey of the global economy聽on Tuesday, in which the UK鈥檚 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.
皇冠体育app Chancellor鈥檚 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 拢63 billion in investment commitments from businesses around the world. 皇冠体育app vote of confidence in the UK is a clear sign Britain is open for business and ready to drive sustainable growth across the country.