Hunt to insist UK economy ‘is on the up’

It’s as the Chancellor is set to travel to the US

Jeremy Hunt will insist the UK economy “is on the up” as he travels to the United States for the International Monetary Fund (IMF) spring meetings.

The Chancellor will seek to further strengthen UK-US economic ties and stress the importance of standing together with allies “at times of instability across the globe”.

He will jet to New York on Tuesday, before heading to Washington on Wednesday for two days at the IMF gathering.

In New York, Mr Hunt will meet with leaders from businesses including Bloomberg, Comcast and Blackrock, to promote Britain’s financial services and creative industries.

Ahead of his trip, the Chancellor 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 one trillion dollars (£800 billion) invested in one another’s countries and I will be looking to deepen it further during my time in New York.”

In Washington, Mr Hunt will reiterate the need to stick to the Government’s plan for the economy and highlight the progress being made, the Treasury said.

Official data, last week, estimated gross domestic product rose 0.1% in February, raising hopes the country was emerging from recession.

But with Prime Minister Rishi Sunak battling an opinion poll deficit and Labour attacking the Government over its economic record, it is unclear whether a gradually improving economy will be enough to boost his party’s electoral prospects ahead of the upcoming general election.

The Chancellor said the “improving position” will allow Britain to better co-operate with allies such as Ukraine and Israel.

He will point to UK action to defend Israel against Iran’s unprecedented drone and missile attack, with the UK calling for restraint in Tel Aviv’s response to the strike.

The Chancellor will also underline the UK’s support for Ukraine and how Britain is retaining pressure on Moscow via its sanctions regime.

Mr Hunt will push for collaboration on artificial intelligence, global economic security and supply chain resilience in meetings with G7 and G20 partners, as well as with the finance ministers of Australia, Canada, New Zealand and the US.

He will also call for reform of the international financial system and point to British support for developing countries.

Mr Hunt 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.”

Published: 16/04/2024 by Radio NewsHub