The UK’s unwavering support for Ukraine was reiterated by the Chancellor during his first multilateral meeting, and he joined the G7 and other like-minded nations in denouncing Russia’s illegal and barbaric actions.
He also emphasized the invasion’s economic costs and spoke out against Russia’s disinformation campaign, which aims to absolve it of responsibility for its actions.
The G20 and other organizations are facing increased difficulties as a result of the pandemic, and the invasion of Russia is severely pressuring inflation and the world’s rising standard of living.
The Chancellor of the Exchequer spoke at the meeting and said:
We support Ukraine without reservation.
The UK is unwavering in its condemnation of Russia’s illegal and heinous actions, as are our allies.
The issues the world economy was already experiencing as we recovered from the epidemic have been made worse by Putin’s unlawful war, which has disrupted the supply of food, energy, and other essential items, increased costs, and caused price increases.
The Chancellor then urged the G20 to do more to help the world’s most vulnerable nations, who have been most affected by the issues facing the international economy.
He urged all G20 members to swiftly implement the Common Framework, which aims to lessen the problems vulnerable nations are suffering with their sovereign debt and assist them in regaining financial sustainability.
He also praised Indonesia’s G20 presidency for prioritizing food security and emphasized the UK’s promise to give affected nations affected by rising food costs an additional £372 million this year.
The Chancellor also emphasized the domestic issues that many G20 nations, including the UK, share, such as the rising cost of living.
In the country, the government has given £37 billion in targeted assistance to UK households that are in the greatest need, with millions of homes receiving $326 to help with living expenses.