The Chancellor has pledged to “stand up for Britain’s national interest”, as she heads to Washington DC for her first spring meetings of the International Monetary Fund (IMF).
During a three-day visit to the United States, Rachel Reeves is set to hold meetings with G7, G20 and IMF counterparts about the changing global economy. She will make the case for open trade that provides stability for businesses and security for working people. The Chancellor will underline the importance of tackling barriers to trade to kickstart economic growth, supporting businesses and putting more money in working people’s pockets.
Earlier this month the Chancellor announced over £400 million of trade and investment deals with the Indian Government across a range of business sectors, including defence, financial services, education, and development. In recent weeks the government has acted to save British Steel, safeguarding the future of steelmaking in the UK and protecting 2,700 jobs in Scunthorpe and up to 37,000 jobs in the wider supply chain, announced a £20 billion boost to UK Export Finance which will give thousands of British access to government-backed financing and announced new measures to give British car makers certainty and stability, and to support them on the transition to electric vehicles. Earlier this month over 3 million workers in shops, restaurants and workplaces across the UK received a pay boost worth £1,400 a year for an eligible full-time worker, while also rolling out free breakfast clubs in primary schools putting £450 a year in the pockets of working parents and protecting the payslips of working people from higher taxes.
She will hold discussions with finance ministers about the opportunities to strengthen economic ties with Britain, including members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Talks with European finance ministers will also focus on going further and faster to increase defence spending and improve cooperation in response to continued Russian aggression and the invasion of Ukraine.
Reeves will hold her first in person meeting with her US counterpart Treasury Secretary Scott Bessent about working together to deepen the UK-US economic partnership through a new trade agreement.
In Washington, the Chancellor will also meet with business leaders to talk about the government’s Plan for Change to kickstart economic growth. She will champion Britain as the best place to live, work and grow a business, highlighting the government’s ambition to go further and faster to tackle the barriers to investment. By backing the builders not the blockers, through reforms to the National Planning Policy Framework – which alone is expected to deliver an extra 170,000 homes by 2029/30, as well upcoming the Planning and Infrastructure Bill and a government pledge to cut the administrative cost of regulation on business by a quarter, making Britain the best place to do business and drive economic growth.
Speaking ahead of her visit, Chancellor of the Exchequer Rachel Reeves said:
The world has changed, and we are in a new era of global trade. I am in no doubt that the imposition of tariffs will have a profound impact on the global economy and the economy at home.
This changing world is unsettling for families who are worried about the cost of living and businesses concerned about what tariffs will means for them. But our task as a government is not to be knocked off course or to take rash action which risks undermining people’s security.
Instead, we must rise to meet the moment and I will always act to defend British interests as part of our Plan for Change. We need a world economy that provides stability and fairness for businesses wanting to invest and trade, more trade and global partnerships between nations with shared interests, and security for working people who want to get on with their lives.
