John Healey calls for global cooperation at G20 summit

UK Chancellor John Healey has called for increased international cooperation to address global challenges, including the Middle East crisis, energy prices, and the rising cost of living. Speaking ahead of the G20 meeting of global finance ministers in Asheville, North Carolina, Healey emphasized the need to deepen economic resilience to support families and businesses.

Healey noted that while the UK is currently experiencing the fastest growth among G7 advanced nations and is reducing its deficit rapidly, no nation can manage global economic shocks in isolation. During the summit, the Chancellor is expected to hold meetings with several key figures, including US Treasury Secretary Scott Bessent, Canadian Finance Minister Francois-Philippe Champagne, and International Monetary Fund Managing Director Kristalina Georgieva.

Regarding defense spending, Healey is expected to outline a pathway toward a 3% target during the 2027 spending review, rather than setting a specific target date in the upcoming autumn Budget.