UK Chancellor of the Exchequer Jeremy Hunt warned the US debt ceiling impasse poses a serious risk for the global economy.

“It would be absolutely devastating if America, which is one of the biggest motors of the global economy, was to have its GDP knocked off track by failure to reach agreement,” Hunt said after the Group of Seven meeting of finance ministers and central bank governors in Niigata, Japan, on Saturday.

“It’s not for us to say how that issue should be resolved,” Hunt said. “But we very strongly hope that the administration and Congress are able to resolve their differences.”

Hunt was speaking after the G-7 finance chiefs issued a communique following three days of talks that offered more support for Ukraine, a plan for diversifying supply chains and a vow to fill gaps in financial regulation.

The meeting has largely been overshadowed by the ongoing stalemate over the US’s debt ceiling. Policymakers, banks and other businesses around the world are concerned about the potential impact of a default by the US for the global economy.