Rachel Reeves to ‘bang drum for Britain’ on North America investment drive

Rachel Reeves is set to “bang the drum for Britain abroad” as she jets to the United States and Canada in a bid to attract investment and confirm the UK is open for business.

The Chancellor will meet with CEOs and top business leaders in New York City and Toronto this week, ahead of the UK’s international investment summit set to be held this October.

She is expected to champion UK growth sectors including financial services, clean energy and infrastructure, meet Wall Street bosses and host a reception for women in finance.

“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.

“That means restoring economic stability so we can attract the investment needed to create good jobs, boost wages, and improve opportunity across Britain.”

She added: “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.”

In Toronto, the Chancellor is set to meet with clean energy and infrastructure executives in a bid to boost the government’s mission to make the UK a clean energy superpower by 2030.

The trip is intended to deepen the economic relationship between Britain, Canada and the US, the Treasury said. The US is the largest source of foreign investment in the UK, with UK to US exports worth £23.4bn a year.

Reeves is expected to highlight key moves taken by the government since Labour’s landslide election win on July 4, including planning reform, ending the on-shore wind ban and establishing a National Wealth Fund, backed by £7.3bn to catalyse private investment.

This autumn’s investment summit will take place on 14 October, the government confirmed on Sunday.