In recent weeks the United Kingdom has been expected to play a leadership role at the G-20 summit in New Delhi and the UN General Assembly meetings in New York. In the coming weeks, it will be expected to do so again at the World Bank-IMF Annual Meetings in Marrakech and the COP Climate Summit in Dubai. The extent to which the UK remains willing to be a leader on issues facing the global economy and international system is not, at the moment, entirely clear. The extent to which it is able is also facing new doubts. Domestic economic priorities – i.e. fiscal consolidation – are putting pressure on the UK’s development and climate spending and are hampering the UK’s ability to contribute to global economic initiatives. The long-run costs of spending cuts to the UK’s interests and standing in the international system may be severe.