Chancellor will today, 5 August, set off
on a visit to New York and Toronto with the message that Britain
is open for business.
She will meet with CEOs and senior representatives from major
players across the US and Canada's foremost industries,
highlighting that early steps taken by the government to fix the
foundations and restore economic stability makes the UK an
attractive destination for investment.
Chancellor of the Exchequer :
“I've wasted no time in my first month in office in taking the
difficult decisions necessary to fix the foundations of our
economy, so we can rebuild Britain and make every part of the
country better off. That means restoring economic stability so we
can attract the investment needed to create good jobs, boost
wages, and improve opportunity across Britain.
“There is no credible plan for growth without private sector
investment. That's why I'm breaking down barriers at home and
banging the drum for Britain abroad as we gear up to host the
International Investment Summit.”
While in New York, the UK's first female Chancellor of the
Exchequer will meet with Wall Street leaders and host a reception
to celebrate women in finance. The US is the UK's biggest
financial services trading partner, with UK exports to the US
valued at £23.4bn annually. The sector is at the heart of the
government's core mission to deliver sustainable economic growth
as a jewel in the crown of the UK economy and one of its success
stories, contributing almost 10% of UK GVA and employing 1.2
million people.
In Toronto, the Chancellor will meet with names in the world of
clean energy and infrastructure. The government's mission to make
Britain a Clean Energy Superpower will bring opportunities for
economic growth whilst helping the UK meet its target of clean
power by 2030. That mission has started in earnest with the
creation of Great British Energy to partner with the private
sector and secure the investment needed to accelerate the
transition, the sweeping away of barriers to onshore wind farms,
and a record £1.5 billion budget for this year's renewable energy
auction to get Britain building green.
During her time in the US and Canada, Reeves will point out that
the government has moved quickly to create a stable environment
where businesses have the confidence to invest in the UK. This
has included reform of a planning system that has long frustrated
investment, ending the ban on on-shore wind and the establishment
of a National Wealth Fund, backed by £7.3 billion to catalyse
further private investment in our world-leading green and growth
industries of the future.
The UK is already Europe's leading hub for investment, with UK
markets raising more capital than the next two highest European
exchanges combined in 2023. But the Chancellor heads to North
America with a renewed purpose to build upon this, with it being
announced yesterday
that Britain is to play host to the International Investment
Summit on 14 October.
In doing so, Reeves will be looking to deepen the strong economic
relationship between Britain and the two North American
countries. The United States is the largest source of foreign
investment in the UK and the UK is the third largest investment
destination for Canadian companies, whom invested more than $73
billion of FDI stock in 2021.
