We will continue to train Ukrainian troops and provide vital defense military equipment, such as the additional 1,000 air defense missiles and more than 25,000 extreme cold winter kits that I promised last week. We remain the largest European military donor to Ukraine, providing £2.3bn of support this year. There is no doubt that the war in Ukraine is fueling the challenges facing countries around the world. So as I hold my first meetings with Joe Biden, the US president and other leaders during the summit, we will be clear that discussions about how we can continue to support Ukraine are inseparable from those about how we can strengthen our collective financial security. As we recover from a pandemic that nearly broke the global economy, every household on the planet is feeling the effects of the war in Ukraine. Global food prices have been hit by Vladimir Putin’s efforts to stifle Ukraine’s grain exports – two-thirds of which go to developing countries. Energy bills have soared thanks to Russia turning off the gas taps. The result is that two-thirds of G20 members now face inflation rates of more than seven percent and the IMF predicts that one-third of the global economy will be in recession next year. I know people struggle. Across the UK, families are feeling the squeeze. The weekly shop costs more than ever, and people are anxious for the next bill to land on their doormat. So we will continue to provide help at home, but we also need to see coordinated global action as we saw in response to the financial crisis in 2008. Russia is trying to choke the world economy. We must come together to stop them in their tracks and restore economic stability. There are five points where we need to see action. First and foremost, we must continue to provide emergency support where it is most needed next winter. We are helping the people of Ukraine as their national infrastructure comes under attack from drones and missiles – just as we are supporting people with rising energy bills in Britain and taking action to prevent hunger in the world’s most vulnerable parts.
