UK's Sunak calls on G7 to work together on supply-chain difficulties
Reuters
Published Oct 13, 2021 10:19
Updated Oct 13, 2021 20:43
LONDON (Reuters) - British finance minister Rishi Sunak said on Wednesday the Group of Seven rich nations should work together more closely to tackle supply-chain disruption which has hampered the economic recovery from the COVID-19 pandemic.
Sunak is meeting other finance ministers in Washington this week on the sidelines of the annual meetings of the International Monetary Fund and the World Bank.
"Global cooperation is key to addressing our shared challenges as we emerge from the pandemic," he said in a statement ahead of the meetings.
"From global tax reform to global supply chains, we must work together to seek international solutions for the benefit of our citizens at home."
The IMF warned on Tuesday that supply-chain bottlenecks, including delays at ports and shortages of key components such as microchips used in car production, were delaying recovery and fuelling inflation pressures worldwide.
Britain has been hit especially hard due to the added impact of post-Brexit trade barriers and tougher immigration rules.
Many British petrol stations temporarily ran out of fuel last month, and a pan-European surge in natural gas prices has led to a shortage of carbon dioxide used to stun farm animals before slaughter.
Sunak also intends to encourage other rich countries to redirect part of their share of the IMF's new $650 billion allocation of its internal currency to poorer nations to improve healthcare and respond to climate change.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.