Chancellor will today embark on a
three-day trip to the U.S., visiting New York before heading to
Washington D.C. to attend the annual International Monetary Fund
(IMF) Spring Meetings.
The Chancellor will be in New York looking to build upon the
rock-solid economic relationship between the UK and US – one
which mirrors the strength of the geopolitical alliance between
the two and is based on shared values on the world stage.
Mr Hunt will meet with a range of executives from the likes of
Bloomberg, Comcast and Blackrock setting out the case for
Britain's financial services and creative industries. Both
sectors are important for a UK economy that is bouncing back,
with Britain boasting the largest film and TV industry in Europe
while also being the largest net exporter of financial services
globally.
Jeremy Hunt, Chancellor of the Exchequer,
said:
“At times of instability across the globe, we are reminded that
we are stronger when we stand together. The US is our most
important strategic ally and we are both at the forefront of
keeping the world safe.
“Our economic relationship sees $1 trillion invested in one
another's countries and I will be looking to deepen it further
during my time in New York.”
The Chancellor will then head to Washington D.C. on Wednesday for
the IMF's Spring Meetings, at which he is expected to highlight
the professionalism and bravery of Royal Air Force aircraft in
intercepting a number of Iranian attack drones fired at Israel.
Additional RAF planes have been deployed to the region and the UK
continues to work urgently with regional partners to stabilise
the situation. Britain's position continues to be for an
immediate humanitarian pause in Gaza leading to a sustainable
ceasefire without a return to destruction, fighting and loss of
life, as the fastest way to get hostages out and aid in.
Amid global instability, Mr Hunt will stress the need to stick to
a plan for the British economy that has already seen real
progress being made – with inflation down from its peak of 11.1%
to 3.4%, rising wages consistently outstripping that
inflation, and official statistics showing growth across the
economy in 2024 thus far. Such progress helped to deliver record
cuts to National Insurance for 29 million working people at the
start of April - with the average worker earning £35,000 starting
to see the benefits of an over £900 per year saving in their
payslips this month – as part of a long-term ambition to end the
unfair double tax on work.
The Chancellor will also underline the UK's unwavering support
for Ukraine and how Britain is keeping up pressure on Russia via
its sanctions regime – the largest and most severe package ever
imposed on any major economy, with over 2,000 individuals and
entities now sanctioned. This follows an announcement last week
in which Britain acted in conjunction with the U.S. to
significantly extend the scope of sanctions on imports of Russian
metals by bringing the world's two largest metal exchanges into
the scope of the existing ban.
Mr Hunt will meet with G7 and G20 partners, as well as chairing a
meeting of the Five Finance Ministers of Australia, Canada, New
Zealand, the United Kingdom and the United States. During his
meetings, the Chancellor will promote collaboration on issues
including artificial intelligence, global economic security and
supply chain resilience. British support for developing countries
is also on his agenda, including driving reform of the
international financial system so it can support all countries in
addressing global challenges.
On his attendance of the IMF Spring Meetings, Jeremy
Hunt, Chancellor of the Exchequer, said:
“The UK's resilient economy is on the up, and it is from this
improving position that we can be the best partner possible to
our friends around the world – including standing steadfast with
Ukraine in its fight against President Putin and standing up for
Israel's security.”
The Chancellor last visited the U.S. in October last year,
speaking to executives from tech giants including Alphabet,
Amazon and Microsoft as he travelled to Los Angeles, San
Francisco and Seattle. The U.S. is Britain's largest single
trading partner, worth 17.7% of total UK trade – with this
totalling £315.1 billion in the four quarters to the end of Q3
2023.
Notes to editors
- The government is backing the UK's world leading creative
industries with additional tax relief worth £1 billion over the
next 5 years as announced at the Spring Budget last month. Widely
welcomed by the industry from Warner Brothers to the Royal
Shakespeare Company, this support includes a 40% relief on
business rates bills for eligible film studios in England, and
enhanced tax reliefs for visual effects, UK independent film,
theatres, orchestras, museums and galleries.
- In the financial services sphere, the Chancellor is leading
the UK's charge to cement its status as a leading capital markets
destination, streamlining the listings process and unlocking £75
billion in equity funding to help businesses scale up, with
reforms to direct contribution pension funds investing in
unlisted equities.
