Buyers can rest assured that ministers are doing “absolutely everything they can” to fix UK supply chain problems, Chancellor Rishi Sunak said.
In recent days, several retailers have warned of a possible shortage during the holiday shopping season.
Speaking at the end of the G7 meetings in Washington, Sunak blamed global factors for the delays seen at ports like Felixstowe.
It comes when the G7 finance ministers agreed to work together to address the issues.
Sunak said, “I’m sure there will be a good number of Christmas gifts available for everyone to buy.”
His comments came after a container jam at ports, including Felixstowe, and the shortage of HGV truck drivers has raised concerns among companies, ahead of the most important period of the year for retail spending.
On Wednesday, the UK’s largest commercial port said the supply chain crisis has led to a container jam.
The port of Felixstowe, which handles 36% of the UK’s freight container traffic, blamed the busy run-up to Christmas and transport shortages.
However, he said the situation has improved in recent days.
Meanwhile, shipping giant Maersk has said it was diverting some of its largest ships out of port.
At the same time, one of the largest ports in the United States will begin operating 24 hours a day to try to clear long lines of cargo ships.
The Port of Los Angeles in California said it will handle more cargo overnight after a similar move at the nearby Long Beach port.
The ports, which handle 40% of all cargo containers entering the United States, have faced months of problems.
Major US firms such as Walmart and FedEx have also pledged to increase their 24-hour operations to help clear the jam, the White House said Wednesday.
Mr. Sunak spoke after the G7 agreed to work more closely to monitor the problems facing the movement of goods around the world.
The meeting of finance ministers and central bank governors discussed the importance of global cooperation to ensure that supply chains are more resilient as the world emerges from the pandemic.
The G7 (Group of Seven) is an organization of the seven so-called largest advanced economies in the world. They are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. Ministers and officials of member countries hold meetings, form agreements, and publish joint statements on global events.
In the BBC interview, Sunak focused heavily on the industry situation in the UK, saying that he completely rejected the UK Steel director’s claim that the government had created a ‘hostile environment’ for investment. industrial and leveling.
But when asked if he, as chancellor, was willing to accept that high gasoline prices would put some heavy industry out of work, he said he had to make sure that taxpayers’ money was protected and that “it is no job. government go in and start managing the price of each individual product ”.
Sunak said the government will work constructively with companies after Prime Minister Boris Johnson blamed the shortage on British companies that “make up” the migrant workforce, pointing to the appointment of former Tesco chief Sir Dave Lewis, as czar of the supply chain.
However, the chancellor also said that “everyone,” including Johnson, agrees that raising wages without increasing productivity would be inflationary.
He said the shift to a high-wage, highly-rated economy advocated by Johnson “would obviously take time.”