UK urges coordinated global response to economic fallout from Iran war

UK Chancellor of the Exchequer Rachel Reeves has called on world leaders to adopt coordinated economic measures to address rising costs linked to the war in Iran.

Reeves made the statement ahead of her visit to Washington, where she will attend the spring meetings of the International Monetary Fund (IMF), Caliber.Az reports per foreign media. 

During her trip to the US capital, she is also set to meet counterparts from the G7 and G20.

The cabinet minister will take part in IMF ministerial meetings, hold talks with the fund’s managing director, and meet executives from major companies, including IBM, Vanguard, and JP Morgan.

“I will go to America with a clear message: global leaders must take co-ordinated economic action and supercharge the path to energy security to protect ourselves in the future,” Reeves said.

She noted that British citizens are bearing the costs of instability they are not responsible for but must nonetheless respond to.

Reeves added that she will push for deeper cooperation among global leaders, as well as a lasting ceasefire in Iran and the urgent reopening of the Strait of Hormuz.

The UK Treasury also announced that it will unveil plans later this week to boost the country’s competitiveness. The government is also working on targeted support measures for households as prices continue to rise, with Reeves previously signalling that any assistance program would be focused rather than universal.

By Jeyhun Aghazada