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Image Credit: HM Treasury
The government has revealed its first major attendees for the forthcoming International Investment Summit in October. The summit aims to secure investments to realize the government's vision of a clean energy system by 2030.
While visiting North America this week, Chancellor Rachel Reeves engaged with top executives from BNY Mellon, Blackstone, and CyrusOne in New York. These influential leaders have confirmed their attendance at the Summit, set for October 14th.
"The message is clear: Britain is open for business," Reeves said. "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."
The government confirmed the date for the International Investment Summit this weekend, setting out plans to bring together up to 300 industry leaders to catalyse investment in the UK.
"Long-term, sustainable, and inclusive economic growth is this government's central mission," said Business and Trade Secretary Jonathan Reynolds. "That's why we're taking immediate steps to increase investment right across the UK, support local skilled jobs, and raise living standards in all our communities. Whether it is new film studios, cutting-edge technologies, or green energy, it is clear every part of the UK has the potential to benefit from private sector investment.
"The summit is an opportunity to meaningfully engage with the world's leading businesses and investors and to continue to build long-term relationships that will drive investment into the UK in the months and years ahead. The chaos of the last 14 years is no more. Britain is open for business, and we are the investment destination of choice."
Chancellor Rachel Reeves will meet with former Bank of England governor Mark Carney during her trip to Toronto tomorrow. The discussions will focus on the government's National Wealth Fund, which aims to drive investment across various green industries.
Carney, a National Wealth Fund Taskforce member, is actively working to expedite the fund's launch and mobilize £7.3bn in public investment during this Parliament. The funds will support projects in green steel, gigafactories, port upgrades, and other green infrastructure initiatives.
In addition to her meeting with Carney, Reeves has a busy schedule in Toronto, including discussions with clean energy and infrastructure business leaders. She will advocate for the government's vision to transform Britain into a Clean Energy Superpower, achieving a clean power system by 2030.
Reeves will emphasize the launch of Great British Energy, a venture designed to co-invest in clean power projects alongside the private sector. She will also highlight significant government measures, including comprehensive planning reforms and a historic £1.5bn budget allocation for this year's clean energy contract auction.
The International Investment Summit, slated for October 14th, will occur two weeks before a critical Budget announcement. Reeves aims to reconcile the government's "Britain is open for business" message with fiscal prudence amid speculation about potential tax increases and spending cuts.
The government attributes a £22bn budget deficit to the previous Conservative administration, citing pre-election tax cuts, overspending on various programs, and unfunded commitments. However, Reeves' decision to reduce spending on several infrastructure projects has sparked concerns. Critics argue that cutting public investment may hinder economic growth.
Recent government measures include means-testing winter fuel payments for pensioners and halting several road and rail projects to address the budget shortfall. Further spending cuts for Whitehall departments are anticipated, raising alarms among green groups about the potential impact on environmental programs.
Moreover, the government has shelved £1.3bn in funding for artificial intelligence and supercomputer projects promised by the previous administration. These projects included £800m for an exascale supercomputer at the University of Edinburgh and £500m for the AI Research Resource, deemed "unfunded" by the current government.
"This is a terrible blow to the UK tech sector and could be just the start of Labour cuts," he said. "During the election, Labour refused to commit to growing the amount the UK spends on research, yet that's a core part of growing a modern economy. If DSIT can't get the funds from the Treasury, this means university research can expect to be hit, too."