At the G20 Finance Ministers and Central Bank Governors meeting
in South Africa the Chancellor, , will make the case for
defence investment, declaring that it's the “bedrock of economic
growth”.
Following the PM's announcement yesterday, the Chancellor will
state that in a dangerous world the UK will not shy away from
bolstering defence spending and will set out our ambition to
raise UK defence spending further to 3% by the next parliament,
subject to economic and fiscal conditions.
Protecting national security to protect the economy will also be
a key message that the Chancellor will set out on the global
stage today as she attends the G20 Finance Ministers and Central
Bank Governors meeting in Cape Town, South Africa.
The UK is already the third largest defence spender in NATO in
cash terms, and this government has already boosted defence
spending by almost £3 billion at the Autumn Budget.
The Chancellor will also reaffirm our commitment to European
defence and encourage other European allies at the G20 to boost
their defence spending in line with the UK in response to the
security threats we face.
She will also discuss the possibilities for like-minded countries
to mobilise private finance to maximise our financial resources
for defence.
The government's commitment to invest in defence will protect UK
citizens from threats at home but will also create a secure and
stable environment in which businesses can thrive, supporting the
Government's number one mission to deliver economic growth.
Chancellor of the Exchequer said:
“It's clear we are facing a more dangerous world, and I will
not hide from this reality. This is the moment for us all to step
up – and together with our European partners we will go further
and faster on defence.
“National security will always be the first responsibility of
this government and is the bedrock economic growth. Through
intelligent investment, relentless reform, and free and fair
trade – the most reliable driver of global growth – we can
deliver sustainable growth that puts more money into the pockets
of working people.”
The Chancellor is also expected to set out that she is a champion
of free and fair-trade and, will continue to make the case for
openness in a series of bilateral meetings with G20 finance
ministers.
While in Cape Town the Chancellor will engage with best-in-class
British firms in South Africa and visit Cape Town's historic
V&A Waterfront. The Chancellor is expected to welcome British
companies including consultancy Turner & Townsend and
engineering firm Arup winning new contracts to play a role in the
site's expansion, showcasing UK expertise in designing, planning,
and building infrastructure around the world.
The Chancellor will also meet influential businesses and
investors in South Africa, such as representatives from Old
Mutual Limited, the Foschini Group, and Absa, at a private
reception at the High Commissioner's residence, where she will
deliver a keynote speech highlighting growth and investment
opportunities in the UK.
