Chancellor heads to G20 meeting to reaffirm support for Ukraine
The Chancellor Jeremy Hunt is today, 23 February, in Bengaluru, India to attend the G20 Finance Ministers and Central Bank Governors Meeting in his first visit overseas since taking office.
- Chancellor arrives in India for G20 meetings one year after Putin’s illegal invasion of Ukraine.
- He will attend meeting of G20 Finance Ministers and Central Bank Governors alongside Bank of England Governor Andrew Bailey, showing shared focus on tackling global economic issues. He will also attend a meeting of the G7 on Thursday.
- The Chancellor will meet with the Indian Finance Minister and a range of senior Indian business leaders to strengthen ties and help the UK on its way to becoming the next Silicon Valley.
The meeting comes one year after Russia’s full-scale invasion of Ukraine – where the Chancellor will reaffirm the UK’s unwavering support for Ukraine and discuss with other G20 members ways to address issues such as elevated global inflationary pressures and the instability in energy and food prices that are being exacerbated by the war.
It follows the latest move on behalf of the G7, the European Union and Australia, who via a Price Cap Coalition, set caps on the price of seaborne Russian oil products effective from 5 February 2023. High-value Russian exports such as diesel and gasoline are capped at $100 while lower-value products such as fuel oil are capped at $45. The UK phased out the import of Russian oil and oil products last year.
The Chancellor is attending the G20 alongside the Governor of the Bank of England Andrew Bailey. Both are focused on tackling inflationary pressures in the UK. Inflation is the first of 5 Prime Minister priorities, with the Prime Minister looking to see inflation halve this year on its way back to the target.
The Chancellor and Bank of England Governor will also join a meeting of G7 Finance Ministers on Thursday.
Chancellor of the Exchequer Jeremy Hunt said:
“The UK continues to stand firm in our support for Ukraine with significant military and humanitarian assistance. The sooner there is sustainable peace in Ukraine and an end to this horrific war, the sooner we can address the global economic fallout – diminishing Putin’s leverage over the UK and our friends.”
The trip also aims to strengthen the already productive UK/India economic relationship and deepen ties to increase new investment and bringing new jobs to the UK. With its rich reputation for a cutting-edge tech industry, the Chancellor will be meeting Indian tech CEOs and founders in Bengaluru to explore investment opportunities and how links with India can help the UK become the world’s next Silicon Valley, building on our existing $1 trillion (£827 billion) tech industry.
The Chancellor added:
“I want the UK to be the world’s next Silicon Valley – this is an ambition within reach thanks to our status as a global financial powerhouse and home to world class universities and research institutions.
“We already have a $1 trillion tech industry, but we want to go further to create jobs and wealth across the UK. To help us get there, we need to deepen investment connections with like-minded countries around the world – starting with our Indian friends who are fast becoming an economic superpower in their own right.”
India is projected to be the world’s third largest economy by 2050, with a tech industry that generated US$227 billion (£188 billion) in revenue in FY2022. It is already a significant economic partner for the UK, and the Chancellor is seeking to promote greater collaboration between the two countries.
The Chancellor’s work at the G20 will also contribute to the government’s priorities to halve inflation this year to ease the cost of living and give people financial security; grow the economy, create better-paid jobs and opportunity right across the country; and make sure our national debt is falling so that we can secure the future our of public services.