Rachel Reeves Says UK ‘Open for Business’ in First Overseas Trip
(Bloomberg) -- Chancellor of the Exchequer Rachel Reeves will tell international counterparts that Britain is “open for business” on her first overseas trip since taking office, as she continues the new Labour government’s push for growth.
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Reeves will attend the G-20 finance ministers’ meeting in Rio de Janeiro this week and will urge business leaders to “take another look at Britain,” the UK Treasury said in a statement. She will also stress her government’s commitment to fighting climate change and maintaining support for Ukraine.
“My message to international leaders is simple: after years of uncertainty and instability, Britain is open for business once again,” Reeves said.
Since Labour swept to power in a landslide election victory this month, Reeves has announced a series of growth measures including planning reforms to boost house-building, a National Wealth Fund to crowd in private investment and initiatives to encourage more investment by pension funds.
Prime Minister Keir Starmer has said growing the economy is his top priority in office, and would allow his administration to avoid having to make painful decisions on tax and spending at a time when the public finances are very tight. Reeves is due to give an update on the state of Britain’s public spending before the end of the month, and then deliver a Budget in the autumn.
Starmer hosted a reception Tuesday for FTSE 100 CEOs and other business leaders in Downing Street, the first of his premiership. He told attendees he was committed to “removing the brakes” on the economy and that he’d “create the conditions for success and the stability that you need,” his office said.
Reeves also spoke at the reception attended by Aviva CEO Amanda Blanc, Nationwide Building Society boss Debbie Crosbie, Barclays Plc CEO CS Venkatakrishnan and GSK’s CEO Emma Walmsley among others.
“We are determined to get our economy growing again, because that is the only sustainable way to lift living standards and have the money for our public services,” she said, according to the premier’s office. “But I know that we can only deliver on any of these things if we work in partnership with business.”
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