- Jeremy Hunt will visit New York today, followed by a two-day trip to Washington D.C. for the IMF Spring Meetings.
- Chancellor in New York seeking to strengthen ties between the British and US economies.
- Hunt will amplify UK leadership on international issues at IMF Springs, including support for Ukraine and condemnation of the Iranian regime’s attack on Israel.
Chancellor Jeremy Hunt 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.
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