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UK finance minister Zahawi visits U.S. to discuss energy security

·1-min read
British new Finance Minister Nadhim Zahawi leaves 10 Downing Street, in London

LONDON (Reuters) - British finance minister Nadhim Zahawi is visiting New York and Washington this week to discuss global economic challenges and collaboration in areas such as energy security and financial services, his office said on Monday.

Britain and Europe are facing a sharp rise in power bills driven by sky-rocketing gas prices, as war in Ukraine and sanctions on Russia heighten concerns over the security of gas supplies.

Zahawi has said he is working on support options for both households and businesses struggling with a cost-of-living squeeze, ready for when Boris Johnson's successor as prime minister is announced on Sept. 5, leading to shuffled cabinet and possibly a new finance minister.

Zahawi's office said he would use his visit to the United States to stress the need for continued collaboration to tackle the issues that are causing rising prices and slower growth across world economies.

"These global pressures must be overcome through global efforts. I’m determined – here in the U.S. - to work closely with my allies on the common challenges we face to create a fairer and more resilient economy at home and abroad," Zahawi said in a statement.

Zahawi's office said he his visit would include meetings with international financial institutions, the U.S. central bank and the U.S. Treasury to discuss support for Ukraine and vulnerable countries, the global economic outlook and energy security.

That will include a desire for increased civil nuclear cooperation and closer working between nuclear industries in Britain and the United States on developing technologies, his office said.

He will also hold talks on further sanctions against Russia in response to the invasion of Ukraine.

(Reporting by Kylie MacLellan; Editing by Nick Macfie)