Rachel Reeves courts global investors in New York ahead of October trade summit

By Ralph Blackburn
Published 7th Aug 2024, 06:00 BST
Updated 7th Aug 2024, 07:12 BST
Global investors being courted by Rachel Reeves in New York have begun signing up to a UK-based summit aimed at boosting investment as part of the Government’s growth strategy.

The Chancellor is on a three-day visit to the US and Canada where she is pushing the message that “Britain is open for business”.

The International Investment Summit, which Prime Minister Sir Keir Starmer will host on October 14 – two weeks ahead of the autumn Budget – is seen by ministers as a way of demonstrating that the UK “is back on the world stage” after a period of political and economic turmoil.

The chief executives of BNY Mellon, Blackstone and CyrusOne, whom Ms Reeves is meeting in New York, have all confirmed their attendance at the gathering, according to the Treasury.

Chancellor Rachel Reeves speaks with Financial Times columnist Gillian Tett, at a Women in Finance event at Hearst Tower, New York. Picture by Kirsty O'Connor / TreasuryChancellor Rachel Reeves speaks with Financial Times columnist Gillian Tett, at a Women in Finance event at Hearst Tower, New York. Picture by Kirsty O'Connor / Treasury
Chancellor Rachel Reeves speaks with Financial Times columnist Gillian Tett, at a Women in Finance event at Hearst Tower, New York. Picture by Kirsty O'Connor / Treasury

The Chancellor and MP for Leeds West and Pudsey has detailed her efforts to bring about economic stability since Labour’s election win last month.

She declined to rule out raising capital gains tax in October’s Budget, telling Bloomberg TV on Monday that the Government will “strike the right balance” on tax policy following speculation she could target the capital gains levy.

In a meeting with artificial intelligence infrastructure startup CoreWeave, Ms Reeves will also set out a new Government commitment to support the building of data centres across the UK.

Deputy Prime Minister Angela Rayner is already reviewing two appealed planning applications for data centres in Buckinghamshire and Hertfordshire.

Ms Reeves said: “The message is clear: Britain is open for business. And as more investors sign up for our International Investment Summit, it shows they believe it too.

“They recognise we have taken some difficult decisions to fix the foundations of our economy and set us on a path to sustained economic growth as government’s number one mission – it is only by doing so that we can capitalise on Britain’s immense investment potential.

“By rebuilding Britain we can make every part of the country better off. Aiming to have datacentres across the country is part of that.

"We are already reviewing two planning applications in the South East, but I’m determined to see new digital investments up and down the UK.”