The UK's new Chancellor, John Healey, called on international counterparts to "step up" co-operation on shared economic pressures as he arrived at his first G20 summit in Asheville, North Carolina. He cited challenges including the Middle East crisis, high energy prices, the cost of living and growth, arguing that no country can tackle these shocks alone, and framed the UK as approaching the talks from a position of relative strength within the G7.

Healey said Britain has the fastest growth among G7 nations in the first half of the year and is cutting its deficit faster than any other member, while planning meetings with Canada's finance minister, the US Treasury Secretary and the IMF's managing director. He is expected to discuss defence spending but will hold off setting a date for reaching the 3% target until the 2027 spending review. The visit comes amid a tightening fiscal picture at home: government borrowing unexpectedly rose to £1.8 billion in July, up 68.7% year-on-year, while inflation hit a four-month high of 2.9%, prompting warnings from economists that Healey may need to raise taxes or cut spending ahead of his first Budget.