Chancellor says fiscal discipline will help deliver economic resilience in an uncertain world

UK Chancellor John Healey is travelling to Bangkok for a major international summit this week, amid growing economic headwinds from the Iran War. 

Just weeks out from his first Budget, the Chancellor will use the IMF Annual Meetings to make the case that Britain and its allies can face of up to global shocks and must work together to limit the damage of conflict at home. Meeting with finance ministers from around the world, including Ukraine’s Sergii Marchenko, Healey will back action to boost security and resilience. 

He will also urge fellow finance leaders to recognise the UK’s lead in putting fiscal discipline at the heart of plans to provide breathing space to people and businesses. With global borrowing costs rising, G7 economies must do more to ensure stable public finances.

This week, Managing Director of the IMF Kristalina Georgieva called on finance ministers to control public spending as global borrowing costs have risen. The Chancellor will argue that major economies need credible plans to get borrowing under control, showing how the UK is leading from the front by cutting borrowing faster than any other G7 country between 2025-30.

Speaking ahead of the summit, Chancellor of the Exchequer John Healey MP said:   “The consequences of conflict in the Middle East and Europe are hitting countries worldwide, leading to higher prices at the pumps and more expensive mortgages at home, but Britain and our allies can face up to these challenges together. 

“I will work with our international partners to keep trade moving, support families and businesses, and make Britain’s economy stronger and more resilient to deliver good growth in every postcode. My Budget will build on this approach with fiscal discipline helping to deliver economic resilience.

“This means breathing space for today, and hope for the future.”