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Rachel Reeves, chancellor, sets off on a three-day visit to New York and Toronto on Monday with the aim of promoting Britain as a “stable place to do business” following Labour’s recent election victory.
The visit is part of an effort to attract business ahead of an international investment summit hosted by Prime Minister Sir Keir Starmer in mid-October to encourage investment as part of his growth strategy.
Reeves stated that the summit will demonstrate that the country is a “stable place to do business” and is looking to reset its relationships with trading partners after recent political and economic upheavals in the UK.
However, Reeves’s visit comes amidst violence in several UK cities over the weekend, with far-right activists clashing with police, undermining her message of “stability.”
The global investment summit on October 14 will bring together 300 business leaders and will be attended by Starmer, Reeves, and business secretary Jonathan Reynolds.
“The summit presents an opportunity to engage meaningfully with leading businesses and investors globally, and to build long-term relationships that will attract investment into the UK,” Reynolds emphasized.
Jeremy Hunt, shadow chancellor, argued that Labour inherited a stable economic situation.
Reeves and Reynolds previously engaged in a promotional campaign to attract investors from the UK’s FTSE 350 companies through breakfast meetings in the City of London.
The government’s National Wealth Fund has received £7.3 billion to invest in sectors like green steel and gigafactories for decarbonizing heavy industry with a goal to attract £20 billion in private investment.
“In my first month in office, I have made the tough decisions needed to stabilize our economy’s foundations, so we can rebuild Britain and improve every part of the country,” Reeves declared. “There can be no credible growth plan without private sector investment.”
In Toronto, the chancellor will engage with investors in clean energy and infrastructure as Starmer aims to position Britain as a “clean energy superpower.”
The international investment summit precedes Reeves’s first Budget announcement on October 30, where she plans to raise taxes and implement spending cuts.
Boosting foreign direct investment in Britain and increasing the country’s growth rate is Starmer’s focus as he looks to lift the nation out of what he terms a “doom loop” of low growth and high taxes.
