We won’t let Vladimir Putin hold the UK’s economic future hostage

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That’s why when I spoke with Volodymyr Zelensky, President of UkraineLast Thursday, I made it clear that Britain will never back down when it comes to supporting the people of Ukraine in the face of this brutality.

We will continue to train Ukrainian troops and provide vital defensive military equipment, such as the additional 1,000 air defense missiles and over 25,000 extreme cold winter kits that I pledged last week. We remain the largest European military donor to Ukraineproviding £2.3bn of support this year.

There is no doubt that the war in Ukraine fuels the challenges facing countries around the world. That is why, as I hold my first meetings with Joe Biden, the US President, and other leaders at the summit, we will be clear that discussions on how we can continue to support Ukraine are inseparable from those on how we can strengthen our collective economic security. .

As we recover from a pandemic that nearly destroyed the global economy, every household on the planet is feeling the fallout of war in Ukraine. World food prices have been hit by Vladimir Putin’s attempts to choke off Ukrainian grain exports, two-thirds of which are destined for developing countries. Energy bills have skyrocketed thanks to Russia closes gas taps.

The result is that two-thirds of G20 members are now experiencing inflation rates above seven percent and the IMF predicts that one-third of the world economy will be in recession Next year.

I know people are struggling. Across the UK, families feel the pressure. Weekly shopping is more expensive than ever and people are worried that the next bill will land on their doormat.

So we will continue to provide aid at home, but we also need coordinated global action, as we saw in response to the 2008 financial crisis.

Russia is trying to suffocate the world economy. We must come together to stop them in their tracks and restore economic stability. There are five points on which we must take action.

Above all, we must continue to provide emergency aid where it is most needed over the coming winter. We help the people of Ukraine as their national infrastructure is attacked by drones and missiles – just like us support people with their growing energy bills return to Britain and take action to prevent starvation in the most vulnerable parts of the world.

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