Reeves embarks on North American investment drive

The US is currently the UK’s largest financial services trading partner

• Pramod Thomas
• 06 August, 2024

Follow Us

By: Pramod Thomas

CHANCELLOR Rachel Reeves has embarked on a high-profile visit to New York and Toronto. The trip, which began on Monday (5), aims to showcase Britain as an attractive destination for international businesses and investors.

During her visit, Reeves is scheduled to meet with CEOs and senior representatives from major industries in both the US and Canada. Her mission is to highlight the government’s recent efforts to stabilize the economy and create a favourable environment for investment.

“I’ve wasted no time in my first month in office in taking the difficult decisions necessary to fix the foundations of our economy,” Reeves said. “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.”

In New York, the Chancellor will focus on strengthening ties with Wall Street leaders and promoting the UK’s financial services sector.

As Britain’s first female chancellor, Reeves will also host a reception celebrating women in finance. The US is currently the UK’s largest financial services trading partner, with annual exports valued at £23.4 billion.

The Toronto leg of her trip will focus on clean energy and infrastructure opportunities. Reeves plans to discuss the UK’s ambition to become a “Clean Energy Superpower” and highlight initiatives such as the creation of Great British Energy, which aims to accelerate the transition to clean power by 2030.

The chancellor’s North American tour comes on the heels of several key policy announcements, including reforms to the UK’s planning system, the lifting of restrictions on onshore wind farms, and the establishment of a National Wealth Fund backed by £7.3bn to catalyse private investment in green industries.

This visit also serves as a precursor to the International Investment Summit, set to take place in the UK on 14 October.

According to a statement, the US is currently the largest source of foreign investment in Britain, while Canada has invested over $73bn (£58bn) in foreign direct investment stock in the UK as of 2021.