Chancellor of the Exchequer Rachel Reeves has embarked on a visit to New York and Toronto today (5 August), promoting the message that Britain is open for business.
During Reeves’ trip to North America, she will meet with CEOs and senior representatives from major players across the US and Canada’s foremost industries, hoping to make the UK an attractive destination for investment by highlighting early steps the government has taken to restore economic stability.
The US is the UK’s biggest financial services trading partner, with UK exports to the US valued at £23.4bn annually. Looking to build on this existing relationship, the Chancellor is set to meet with Wall Street leaders and host a reception to celebrate women in finance.
In Toronto, Reeves will meet with key figures in clean energy and infrastructure. The UK aims to become a Clean Energy Superpower, driving economic growth and achieving clean power by 2030. This mission includes establishing Great British Energy to secure private investment, removing barriers to onshore wind farms, and allocating a record £1.5bn for renewable energy projects this year.
Although the UK stands as Europe’s top destination for investment, with its markets raising more capital in 2023 than the next two largest European exchanges combined, the Chancellor believes this trip can enhance its position.
Reeves said: “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.”
Last month, Reeves travelled to Rio de Janeiro to rally interest in British businesses. During the trip, she attended the G20 Finance Ministers and Central Bank Governors Meeting.
