Tag: Treasury

The press release issued by HM Treasury on 29 August 2024.

The travel bans are in addition to the financial prohibitions to which they are already subject.

• Nazem Ahmad and Mustafa Ayash, who were designated by HM Treasury on 18 April 2023 and 27 March 2024 respectively, are now subject to a travel ban and so cannot enter the UK.
• This is HM Treasury’s first use of the power to impose a travel ban on an individual under its Domestic Counter Terrorism Regime.

The UK Government has announced a travel ban on two individuals under the Domestic Counter Terrorism Sanctions Regime. A travel ban means persons are excluded for the purposes of section 8B of the Immigration Act 1971 – it means that they cannot enter the UK.

This action is the first use of new travel ban powers under the Domestic Counter Terrorism Sanctions Regime. The travel bans are a part of continued efforts to protect the integrity of the UK economy from terrorist financing threats. They are used to target those who are suspected of being, or to have been, involved in terrorist activity in the UK but are not UK nationals.

Further information on how the travel ban is implemented can be found on the Home Office pages of GOV.UK.

Sanctioned individuals now subject to a travel ban:

• Nazem Ahmad, suspected Hizballah financier.
• Mustafa Ayash, promoting terrorism through his involvement with Gaza Now, a terrorism-promoting media network.

The press release issued by HM Treasury on 22 August 2024.

Ilford taxi and delivery driver claimed £100,000 of Bounce Back Loans and failed to spend the money on his businesses.

• Hafiz Saeed Ahmad, of Ilford, overstated the turnover for two businesses to falsely claim a total of £100,000 from the covid loan scheme
• Ahmad claimed the maximum loan of £50,000 each for his taxi and delivery businesses
• He failed to use the money for the economic support of the businesses

A taxi driver from Ilford in East London must abide by 11 years of tough bankruptcy restrictions after falsely claiming two Bounce Back Loans totalling £100,000 during the covid pandemic.

Hafiz Saeed Ahmad, 47, from Meath Road in Ilford, applied for two separate Bounce Back Loans for his delivery business, Sanwal Deliveries and Distribution, and for his taxi company, both based in East London.

He became bankrupt in February 2024 and the official receiver, whose role includes investigating the cause of a bankruptcy, discovered that Ahmad had overstated the turnover of both businesses to claim more money than each was entitled to under the rules of the scheme.

Samantha Crook, Deputy Official Receiver at the Insolvency Service, said:

Hafiz Ahmad abused taxpayers’ money not once, but twice, taking out two separate loans based on false information, claiming more money than his businesses were entitled to receive.

These long-lasting restrictions will help to protect people from financial wrongdoing by limiting Ahmad’s access to credit and making others aware that there are sanctions against him.

The investigation found that Ahmad had claimed £50,000 for his delivery business in July 2020– the maximum allowed under the scheme. He applied for a second £50,000 loan – this time for his taxi business – in September 2020.

The official receiver also discovered that Ahmad had failed to use the loan money for the economic benefit of either of his trading businesses – a breach of the scheme’s conditions.

The rules of the Bounce Back Loan scheme allowed businesses to claim up to 25% of their 2019 turnover, with a maximum loan of £50,000. The money had to be used for the economic benefit of the business.

The official receiver secured an 11-year Bankruptcy Restrictions Undertaking (BRU) from Ahmad, in which he did not dispute that he had obtained a £50,000 Bounce Back Loan for each of his businesses by overstating their levels of turnover and that he had not used the loans for the economic benefit of his trading businesses.

The undertaking extends his original bankruptcy restrictions from the standard 12 months until 19 August 2035.

Bankruptcy restrictions ban Ahmad from acting as a company director without the court’s permission and from borrowing more than £500 without declaring that he is subject to the restrictions. They also prevent him from holding certain roles in public organisations.

The Secretary of State for Business and Trade accepted the Bankruptcy Restrictions Undertaking from Hafiz Ahmad on 20 August 2024.

Further Information

• Hafiz Ahamd is of Meath Road, Ilford. His date of birth is June 1977.
• Further guidance about Bankruptcy Restrictions Orders and Undertakings
• Details of BRO and BRU restrictions relating to individuals can be found on the Individual Insolvency Register

The press release issued by HM Treasury on 22 August 2024.

Company claimed to be able to provide cheap hospitality at events such as the Six Nations and Formula 1 races.

• Prive Global Sports Ltd offered heavily discounted hospitality packages to businesses for in-demand sporting events
• The company’s clients paid for packages which were later cancelled with no refunds provided
• Customers have lost more than £600,000 in total

A company which offered half-priced hospitality at sold-out sporting events has been shut down after cancelling the bookings at short notice and failing to pay refunds to customers.

Prive Global Sports Ltd sent unsolicited emails to prospective clients, targeting them with high-end corporate hospitality at events such as the Six Nations Rugby and Formula 1 Grand Prix.

The company offered packages at a significant discount of around 50%, claiming the tickets had become available due to cancellations.

Prive Global Sports would then email customers ahead of the dates to cancel the bookings, promising a refund and free tickets to alternative events.

No refunds were ever made and the company’s clients suffered financial losses of more than £600,000.

Prive Global Sports was wound-up at the High Court in Manchester on Wednesday 21 August.

David Usher, Chief Investigator at the Insolvency Service, said:

Prive Global Sports never had the rights to the corporate hospitality packages it offered to businesses, scamming them out of hundreds of thousands of pounds instead.

Customers lost out not just financially but also reputationally when packages intended to raise their own profile were cancelled at short notice.

The company also collected significant sums in VAT payments when it was not registered to do so and submitted highly dubious and unverified accounts to Companies House.

Investigations into Prive Global Sports, which began in February 2024, found no evidence of legitimate trading activity from the company.

The company had been established in March 2020 under the name Valamus Ltd.

A number of clients who spoke to the Insolvency Service said they had made complaints to Action Fraud about the company.

The RFU and FIA, the governing bodies for rugby union in England and worldwide motorsport, published warnings on their websites stating they had no affiliation with Prive Global Sports and urging customers not to buy tickets from them.

Prive Global Sports also charged 20% VAT on each sale, collecting around £120,000 in tax, when it was not registered to do so.

The Insolvency Service found no evidence that any VAT collected by the company was paid to HM Revenue and Customs.

Accounts filed at Companies House in 2022-2023 valued the company at £4.75 million. The Insolvency Service found no evidence to support such a valuation.

Prive Global Sports also failed to maintain a registered office and the company phone and email contacts no longer work.

The Official Receiver has been appointed as liquidator of the company.

All enquiries concerning the affairs of the Prive Global Sports should be made to the Official Receiver of the Public Interest Unit: 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ. Email: piu.or@insolvency.gov.uk.

The press release issued by HM Treasury on 20 August 2024.

Child Benefit can be claimed for children after they turn 16 if they are staying on in approved education or training.

Parents have less than 2 weeks to tell HM Revenue and Customs (HMRC) their 16-19 year-old is continuing education or training or their Child Benefit payments will stop.

Hundreds of thousands of teenagers will decide on their future this week as they receive their GCSE results on Thursday (22 August 2024).

For parents of 16-19 year-olds who haven’t yet extended their claim, Child Benefit payments will stop after 31 August. If their child is going to continue in approved education or training, parents can continue receiving Child Benefit and HMRC is urging them to extend their claim now.

To make sure they do not miss out, parents can quickly and easily extend their Child Benefit claim online on GOV.UK or via the HMRC app. More than 270,000 parents have extended their claim digitally so far, with the changes applied to their record without the need to wait on the phone.

Parents should keep their claim details up to date, even if they’ve opted not to receive Child Benefit payments due to the High Income Child Benefit Charge. Parents who want to opt back into receiving Child Benefit payments, can do this quickly and easily online on GOV.UK or in the HMRC app.

Child Benefit is worth up to £1,331 a year for the first or only child, and up to £881 a year for every additional child.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

Child Benefit is an important financial support for many households and we don’t want to see any eligible family miss out. You can extend your claim quickly and easily online or via the HMRC app, just search ‘Child Benefit when your child turns 16’ on GOV.UK.

Victoria Benson, CEO of Gingerbread, the charity for single parent families, said:

Child Benefit is valuable to families and particularly single parent families, who are forced to make ends meet on a single income. It’s really important, with the 31 August deadline fast approaching, that parents whose children are going into further education and training extend their claim as soon as possible to avoid missing out on this crucial financial help.

Child Benefit can continue to be paid for children who are studying full time in non-advanced education, which includes:

• A levels or Scottish Highers
• International Baccalaureate
• Home education – if it started before their child turned 16, or after 16 if they have a statement of special educational needs and it was assessed by the local authority
• T levels
• NVQs, up to level 3

Child Benefit will also continue for children studying on one of these unpaid approved training courses:

• in Wales: Foundation Apprenticeships, Traineeships or the Jobs Growth Wales+ scheme
• in Northern Ireland: PEACEPLUS Youth Programme 3.2, Training for Success or Skills for Life and Work
• in Scotland: the No One Left Behind programme.

If a child changes their mind about further education or training, parents can simply inform HMRC online or via the HMRC app and payments will be adjusted accordingly. Parents can check the status of their claims at any time by viewing their proof of entitlement in the app or online.

Parents will need a Government Gateway user ID and password to use HMRC’s online services. If they do not have one already, they can register on GOV.UK and will just need their National Insurance number or postcode, and 2 forms of ID.

Further information

HMRC wrote to 1.5 million parents between May and July this year reminding them to extend by 31 August.

In total, more than 522,000 parents have extended their claim so far.

Parents who can’t extend their Child Benefit online or in the HMRC app can still do so by post or by phone.

More information on Child Benefit for 16-19-year-olds.

Parents cannot claim Child Benefit if their child is taking a course that is part of a job contract.

Parents can view and manage their claim quickly and easily online or on the HMRC app. This includes viewing payment information and proof of their claim, adding additional children and updating their details – all without needing to call HMRC.

The press release issued by HM Treasury on 16 August 2024.

Chancellor of the Exchequer Rachel Reeves has today confirmed that Professor Alan Taylor will join the Monetary Policy Committee (MPC) on 2 September for a 3-year term, replacing current external member Professor Jonathan Haskel who has been on the MPC since September 2018.

Professor Taylor is an economist and currently Professor of International and Public Affairs at Columbia University, New York. He has served as a senior advisor to major financial institutions including Morgan Stanley and PIMCO, is a visiting scholar at the Bank of England and has published papers in the fields of macroeconomics, international economics, finance and economic history.

The Chancellor of the Exchequer, Rachel Reeves said:

Professor Alan Taylor’s substantial experience in both the financial sector and academia will bring valuable expertise to the Monetary Policy Committee.

I would also like to thank Professor Jonathan Haskel for all his work since he joined the Monetary Policy Committee.

Andrew Bailey, Governor of the Bank of England, said:

I’m really pleased Alan Taylor will be joining the Monetary Policy Committee this autumn, bringing with him his extensive knowledge and experience from his career in academia. This is an important time for the Committee and we will no doubt benefit from Alan’s contributions to our debates.

I would like to also thank Jonathan Haskel for his service on the Committee over the past six years. He will be missed.

About Professor Alan Taylor

Professor Alan Taylor is an economist and currently Professor of International and Public Affairs at Columbia University. He has served as a senior advisor at Morgan Stanley, PIMCO and McKinsey. He is a research associate of the National Bureau of Economic Research and is a research fellow of the Centre for Economic Policy Research. He is also visiting scholar at the Bank of England. He has published papers in leading academic journals in the fields of macroeconomics, international economics, finance and economic history.

Born in Wakefield, Professor Alan Taylor graduated from King’s College, Cambridge, before receiving his PhD in Economics from Harvard University.

About the MPC

The MPC has operational independence for monetary policy. It is comprised of the Governor of the Bank of England, three Deputy Governors, the Bank of England’s Chief Economist and four external members. External members, who are appointed by the Chancellor, may serve up to two three-year terms on the MPC.

The appointment of external members to the MPC is designed to ensure that the Committee benefits from thinking and expertise in addition to that gained inside the Bank. Each member of the MPC has expertise in the field of economics. They are independent and do not represent particular groups or areas.

About the appointment process

Professor Alan Taylor has been appointed by the Chancellor following a fair and open recruitment process run by HM Treasury. The Advisory Assessment Panel (AAP) comprised of Sam Beckett (Second Permanent Secretary and Chief Economic Advisor, HM Treasury), Daniel Gallagher (Director of Economics, HM Treasury), Silvana Tenreyro (Professor of Economics, London School of Economics) and Dame Colette Bowe (external member of the Financial Policy Committee). The AAP advised the Chancellor, informing her decision.

The Treasury is committed to appointing a diverse range of people to public appointments, including at the Bank of England. The Treasury continues to take active steps to attract the broadest range of suitable applicants for posts.

The press release issued by HM Treasury on 16 August 2024.

Twelve-year director disqualification for Covid support scheme misconduct.

• Belal Ahmed secured almost £50,000 more than he was entitled to from the Eat Out to Help Out Scheme for his Bengal Tandoori Lichfield Limited company in August and September 2020
• Ahmed had previously abused another Covid support scheme that summer when he obtained a £50,000 Bounce Back Loan for the same restaurant in June 2020
• The 59-year-old has been banned as a director until August 2036 after investigations by the Insolvency Service

The former owner of an Indian restaurant in Staffordshire has been banned as a director for 12 years after making false statements to abuse the Eat Out to Help Out Scheme.

Belal Ahmed claimed almost £50,000 more than he was entitled to from the scheme for his restaurant on Bore Street, Lichfield in 2020.

The 59-year-old had also overstated his restaurant’s turnover to secure a £50,000 Covid Bounce Back Loan just two months before.

Ann Oliver, Chief Investigator at the Insolvency Service, said:

Belal Ahmed provided misleading information to secure funds from not just one, but two Covid support schemes during 2020.

Tackling Covid support scheme abuse is a key priority for the Insolvency Service and Ahmed’s behaviour represents a serious breach of the standards expected of company directors which is why he has been disqualified for the next 12 years.

Ahmed, of Hall Road, Smethwick, submitted claims totalling £56,500 under the Eat Out to Help Out Scheme for Bengal Tandoori Lichfield Limited.

Eat Out to Help Out was a government scheme subsidising food and non-alcoholic drinks at participating cafes, pubs and restaurants during August 2020.

Customers received a 50% discount on their order (up to £10 each) on Mondays, Tuesdays and Wednesdays at premises across the UK that had registered with the scheme.

Insolvency Service analysis of Bengal Tandoori Lichfield Limited’s bank statements showed in-house restaurant sales of a maximum of just £8,055 for that month, meaning the company claimed at least £48,445 more than it was entitled to.

Ahmed had also previously secured a £50,000 Bounce Back Loan in June 2020, claiming the turnover for the company was £420,000.

Companies could apply for a single loan of up to 25% of their turnover from 2019, with a maximum loan limit of £50,000 set under the rules of the scheme.

Investigations revealed the turnover was closer to £150,000 at most, meaning the company was only entitled to a loan of £37,500.

The Secretary of State for Business and Trade accepted a disqualification undertaking from Ahmed, and his ban started on Wednesday 7 August.

The ban prevents him from being involved in the promotion, formation or management of a company, without the permission of the court.

Bengal Tandoori Lichfield Limited went into liquidation in June 2021 owing more than £121,000 to creditors.

A restaurant continues to operate from the same address under a different company name. Ahmed is not a director of this company.

Further information

• Belal Ahmed is of Hall Road, Smethwick. His date of birth is 14 March 1965
• Bengal Tandoori Lichfield Limited (company number 12018386)

The press release issued by HM Treasury on 15 August 2024.

Suspended sentence for fraudster who abused the Bounce Back Loan Scheme.

• Imran Mushtaq exaggerated the turnover of his IZ Business Consultants Limited company to obtain two £50,000 Bounce Back Loans
• Mushtaq made the fraudulent applications within a two-day period in early June 2020
• The 40-year-old has been given a suspended sentence and has pledged to pay the £100,000 back in instalments

A Derby-based business consultant who fraudulently obtained two Covid loans worth a combined £100,000 has been handed a suspended sentence.

Imran Mushtaq was the sole director of IZ Business Consultants Limited when he applied for two Bounce Back Loans for the company in June 2020.

Mushtaq was sentenced to 20 months in prison, suspended for 22 months, when he appeared at Derby Crown Court on Tuesday 13 August.

The 40-year-old was also ordered to complete 120 hours of unpaid work and pay costs of £1,000.

Mushtaq, of Mimosa Crescent, Derby, has committed to repay the £100,000 he fraudulently secured.

Claire Entwistle, Assistant Director of Operations at the Insolvency Service, said:

Imran Mushtaq deliberately overstated the turnover of IZ Business Consultants to secure two Bounce Back Loans when businesses were only entitled to a single loan.

This was government-backed taxpayers’ money and Mushtaq made matters worse by refusing to co-operate with Insolvency Service investigations into his conduct.

While we are pleased that Mushtaq has said he will repay the loans in full, this commitment was only made by him when faced with the prospect of a custodial sentence for his offences.

IZ Business Consultants was established in August 2013, describing its services on Companies House as offering retail sale of telecommunications equipment other than mobile telephones and other business support service activities.

Mushtaq applied for two Bounce Back Loans worth £50,000 each within a two-day period in June 2020, claiming his company’s turnover was £260,000 and £206,000.

The firm’s turnover for 2019 was closer to £83,000 in 2019, analysis of the company’s accounts revealed.

Mushtaq signed a declaration on applying for the loan stating that the funds would be used solely for the economic benefit of his business and not for personal use.

However, on receiving the loans, he paid more than £78,000 to a money transfer service based in California.

Mushtaq arranged an interview with investigators from the Insolvency Service but failed to attend.

No evidence was provided that any of the money was used for the benefit of his business.

Liquidators were appointed for IZ Business Consultants in October 2021.

Further information

• Imran Mushtaq is of Mimosa Crescent, Derby. His date of birth is 20 November 1983
• Sentenced for: Fraud by false representation, contrary to section 2 of the Fraud Act 2006

The press release issued by HM Treasury on 7 August 2024.

Rachel Reeves to bang the drum for Britain in visit to New York City and Toronto this week.

• Chancellor to share her vision for growth and champion UK sectoral strengths across financial services, clean energy and infrastructure to investors and CEOs.
• Trip to build momentum for the International Investment Summit on 14 October.

Chancellor Rachel Reeves on 5 August set off on a visit to New York and Toronto with the message that Britain is open for business.

She will meet with CEOs and senior representatives from major players across the US and Canada’s foremost industries, highlighting that early steps taken by the government to fix the foundations and restore economic stability makes the UK an attractive destination for investment.

Chancellor of the Exchequer Rachel Reeves:

I’ve wasted no time in my first month in office in taking the difficult decisions necessary to fix the foundations of our economy, so we can rebuild Britain and make every part of the country better off. That means restoring economic stability so we can attract the investment needed to create good jobs, boost wages, and improve opportunity across Britain.

There is no credible plan for growth without private sector investment. That’s why I’m breaking down barriers at home and banging the drum for Britain abroad as we gear up to host the International Investment Summit.

While in New York, the UK’s first female Chancellor of the Exchequer will meet with Wall Street leaders and host a reception to celebrate women in finance. The US is the UK’s biggest financial services trading partner, with UK exports to the US valued at £23.4bn annually. The sector is at the heart of the government’s core mission to deliver sustainable economic growth as a jewel in the crown of the UK economy and one of its success stories, contributing almost 10% of UK GVA and employing 1.2 million people.

In Toronto, the Chancellor will meet with names in the world of clean energy and infrastructure. The government’s mission to make Britain a Clean Energy Superpower will bring opportunities for economic growth whilst helping the UK meet its target of clean power by 2030. That mission has started in earnest with the creation of Great British Energy to partner with the private sector and secure the investment needed to accelerate the transition, the sweeping away of barriers to onshore wind farms, and a record £1.5 billion budget for this year’s renewable energy auction to get Britain building green.

During her time in the US and Canada, Reeves will point out that the government has moved quickly to create a stable environment where businesses have the confidence to invest in the UK. This has included reform of a planning system that has long frustrated investment, ending the ban on on-shore wind and the establishment of a National Wealth Fund, backed by £7.3 billion to catalyse further private investment in our world-leading green and growth industries of the future.

The UK is already Europe’s leading hub for investment, with UK markets raising more capital than the next two highest European exchanges combined in 2023. But the Chancellor heads to North America with a renewed purpose to build upon this, with it being announced yesterday that Britain is to play host to the International Investment Summit on 14 October.

In doing so, Reeves will be looking to deepen the strong economic relationship between Britain and the two North American countries. The United States is the largest source of foreign investment in the UK and the UK is the third largest investment destination for Canadian companies, whom invested more than $73 billion of FDI stock in 2021.

The press release issued by HM Treasury on 7 August 2024.

Investors have already confirmed attendance at the government’s first International Investment Summit on 14 October, announced this weekend.

Rachel Reeves meeting with tech and financial services CEOs as part of 3-day trip across US and Canada, making the case that Britain is open for business.
Chancellor sets new ambition for data centres throughout the country to power growth, generate jobs and secure investment.
Rachel Reeves is meeting with the CEOs of BNY Mellon, Blackstone and CyrusOne in New York, with all companies confirming their attendance at the summit later this year as she carries the message that Britain is open for business.

Having taken early difficult decisions to address an inherited £22 billion black hole in the public finances, the Chancellor made the case she has wasted no time in prioritising economic stability and instigating growth-led reforms of the UK economy, once again making it an investment destination for global businesses.

Reeves championed the UK’s strengths during her meetings, including its globally recognised higher education system with four of the world’s top ten universities, its fourth place ranking for innovation in the Global Innovation Index, and its $1 trillion tech sector – the largest in Europe.

As part of her 3-day trip to the US and Canada, Rachel Reeves is also meeting with CoreWeave where she will set out for the first time a new government commitment to encouraging the building of data centres throughout the UK, to boost growth and create jobs.

The Deputy Prime Minister is already reviewing two appealed planning applications for data centres in Buckinghamshire and Hertfordshire as part of the government’s commitment to make the economic benefit of development a central consideration when intervening in the planning system – changes made by the Chancellor in her first speech just four weeks ago.

Data centres are central to the digital economy, housing the data that modern life is built on, and will continue to play a vital role in supporting the increasing use of cloud-based applications and storage by businesses and consumers, and the rollout of 5G.

It is estimated the sector employs around 17,000 people, with data centre operators generating an estimated £4.6 billion of annual revenue a year.

Chancellor of the Exchequer Rachel Reeves said:

The message is clear: Britain is open for business. And as more investors sign up for our International Investment Summit, it shows they believe it too.

They recognise we have taken some difficult decisions to fix the foundations of our economy and set us on a path to sustained economic growth as government’s number one mission – it is only by doing so that we can capitalise on Britain’s immense investment potential.

By rebuilding Britain we can make every part of the country better off. Aiming to have datacentres across the country is part of that. We are already reviewing two planning applications in the South East, but I’m determined to see new digital investments up and down the UK.

Business and Trade Secretary Jonathan Reynolds said:

Investment is vital for creating jobs and bringing economic growth to every part of the country. Seeing global investors back the UK is a vote of confidence in our economy, and shows we are an investment destination of choice.

This summit is an important opportunity to show Britain is back on the world stage and build long-term relationships that will boost investment across the UK in the months and years ahead.

During her visit to Toronto on Wednesday, Reeves will meet with Mark Carney to discuss the development of the National Wealth Fund (NWF) ahead of the International Investment Summit.

The Chancellor convened a meeting of the National Wealth Fund Taskforce – of which Mr Carney is a member – to launch the NWF just days after taking office, as an immediate commitment to the government’s new partnership with business and to support a new Industrial Strategy.

Backed by £7.3 billion of public investment to focus on priority sectors, the NWF stands to catalyse billions in private investment into our world-leading green and growth industries, with its aligning of key institutions creating a more compelling and certain offer for investors. The Chancellor and Mr Carney are expected to discuss the importance of rapid progress on the NWF as a key tenet of Britain’s pitch at the International Investment Summit.

The press release issued by HM Treasury on 25 July 2024.

Chancellor of the Exchequer Rachel Reeves to attend first G20 meeting in Rio de Janeiro, Brazil.

• Reeves to bang the drum for British business on first international visit since taking office
• First female Chancellor to champion the importance of female leadership in economics and finance

Chancellor of the Exchequer Rachel Reeves will today arrive in Rio de Janeiro, Brazil, to attend the G20 Finance Ministers and Central Bank Governors Meeting on her first international visit since taking office.

The Chancellor will meet with G20 counterparts for the first time, where she will champion British business and declare the country is ‘open for business’ once again after years of uncertainty and instability.

The Chancellor will tell an international audience that the number one priority of the new British government is to deliver economic growth to make every part of the country better off. She will urge business leaders to “take another look at Britain” as she talks to the Government’s plans to boost international investment.

She will outline to leaders of world economies how she will always act in the national interest on major international issues, including climate change and support for Ukraine as Russia’s illegal invasion continues into its third year. The Prime Minister has already recommitted £3 billion per year of military support to the end of the decade or for as long as needed.

Rachel Reeves, Chancellor of the Exchequer, said:

Over the coming days my message to international leaders is simple: after years of uncertainty and instability, Britain is open for business once again.

This new government’s number one mission is to boost economic growth so we can make every part of the country better off. That can only happen by working alongside business from around the world to encourage them to invest in the jobs and industries of the future.

That is why over the coming two days I will be banging the drum for British business and urging leaders to take another look at us. I’m ready to take my seat at the table alongside fellow finance ministers, steering the world economy and representing our national interests on the major issues of our time, including grasping the growth opportunities of the net zero transition and putting pressure on Russia to end the war in Ukraine.

Chancellor Reeves will also use her platform as the UK’s first woman Chancellor to champion the importance of female leadership in economics and finance, as she meets with other female leaders while at the G20.

Chancellor Reeves’ visit to Brazil is the latest step in the government’s national mission to grow the economy. Since taking office, she has pursued reform of the economy to fix its foundations and make every part of Britain better off, including announcing changes to the planning system, ending the ban on new onshore wind and launching a National Wealth Fund to catalyse private sector investment.

Brazil holds the presidency for the G20 this year, with a focus on social inclusion and the fight against hunger; energy transition and sustainable development; and reform of global governance. Ministers and governors will discuss the global economy, financial stability, international taxation, climate, and debt and development. The Chancellor will promote collaboration on issues including addressing inequality, driving growth and progressive taxation.

The UK and Brazil’s relationship is particularly strong in green finance, with Brazil raising $2 billion by listing its new sustainable sovereign bond on the London Stock Exchange. The UK government recently renewed its Memorandum of Understanding with the Brazilian Development Bank on cooperation on the green transition, in particular on green finance. Britain has also made £5 billion available in UK Export Finance funding to meet Brazil’s needs.