Tag: trade

Thousands of new jobs and more than £18 billion boost to British economy as PM meets Japanese leader

The UK and Japan are expected to agree investment creating tens of thousands of new jobs and more than £18 billion in economic gains, alongside a new partnership at the forefront of next-generation technologies

  • UK and Japan unlock significant inward investments totalling more than £9 billion in infrastructure and financial services and up to £9 billion in offshore wind. 
  • New technology partnership will accelerate cooperation on cutting-edge tech including AI, semiconductors, and quantum computing. 
  • Visit drives forward partnership with UK’s closest security partner in Asia, marking a step change in the UK–Japan relationship.

The UK and Japan are expected to agree investment creating tens of thousands of new jobs and more than £18 billion in economic gains, alongside a new partnership at the forefront of next-generation technologies.

Together the deals will back British industries across technology, clean energy, infrastructure development, and life sciences, supporting long-term growth across the country. These are sectors at the heart of the UK’s Modern Industrial Strategy and building on a relationship with Japan already worth £140 billion.

The Prime Minister welcomed his Japanese counterpart Sanae Takaichi to Downing Street yesterday [Sunday] ahead of the G7 in Évian-les-Bains.

Japanese and British business leaders will join the two prime ministers for a roundtable discussion on future opportunities for economic growth where over ten commercial and government agreements are expected to be signed. 

The visit delivers a major vote of confidence in the UK economy, with Japanese investors setting out a five-year investment pipeline worth more than £9 billion, expected to build new towns and provide high-quality office space and innovation hubs.

Prime Minister Keir Starmer said: “These landmark agreements will bring multibillion pound investment into the UK, creating tens of thousands of new jobs and driving new developments. 

“As G7 economies and close security partners, we are working together with Japan on some of the most innovative technology in the world, harnessing the best of British and Japanese research and industry to deliver growth and security to every corner of the United Kingdom.”

At the heart of the visit will be a landmark Offshore Wind Compact, developed in close partnership with Great British Energy to unlock up to £9 billion in Japanese investment into the UK’s offshore wind sector. 

It will support the development of 5.9GW of floating offshore wind projects in the UK, including the Ossian and Green Volt projects off the East Coast in Scotland alongside the Erebus project in the Celtic Sea. 

These pioneering projects will support jobs across the country, and when built, generate enough clean electricity to power 8 million homes.

By boosting homegrown clean energy, the deal will help reduce reliance on volatile global fossil fuel markets, strengthen energy security, help get bills down for good, and makes the UK Japan’s leading clean energy partner in Europe.

Hitachi Energy UK is set to create at least 500 new jobs over the next five years, providing vital expansion of the UK grid and bringing clean power that delivers growth. This includes 100 highly skilled roles at Hitachi Energy’s newly opened Glasgow Centre of Excellence, and over £18 million investment in a purpose-built facility in Stafford.

Meanwhile, Rolls-Royce will deepen collaboration with Japan’s Atomic Energy Agency signing a new agreement with the UK National Nuclear Laboratory to develop next generation nuclear technologies. And our national laboratories (UKAEA and QST) and leading private companies will deepen their collaboration on fusion energy. 

Communities like Hatfield are set to benefit from the package of deals, where Japanese life science firm, Eisai, is set to invest £48 million. The investment will create a new packaging facility for its innovative dementia treatment, backed by government funding. 

The leaders are also expected to agree a new partnership to accelerate cooperation on the technologies of the future. The cutting-edge UK-Japan Frontier Tech Partnership (FTP), will see British research translated into scalable technology with Japanese investment, from AI and quantum, to civil nuclear and defence tech.

Building on momentum from London Tech Week, the FTP will deliver groundbreaking impact for the UK and Japan. This includes British firm ORCA Computing landing a landmark export deal – one of the first times a major corporation anywhere in the world has bought a quantum computer.

For the first time, a formal partnership between the UK Semiconductor Centre and Rapidus, Japan’s state-of-the-art manufacturing facility, creates a direct pathway for the UK semiconductor sector to manufacture cutting-edge chips used to power mobile phones, vehicles and modern devices.

During the meeting, the Prime Ministers are expected to confirm their shared commitment to the Global Combat Air Programme, and discuss the launch of the next phase of the international programme, including through the international contract that will be signed by the end of the month.

A new Defence Capability and Industrial Council will foster greater industrial cooperation between the UK and Japan, accelerating the development of each other’s dual-use technologies such as drones and artificial intelligence, helping UK defence firms access significant Japanese investment.

Celebrating Scotland’s return to the World Cup

FM to attend Haiti match at the invitation of FIFA

The World Cup is an opportunity to showcase what Scotland has to offer as a place to live, work, study, do business and visit, First Minister John Swinney has said.

The First Minister will be in Boston to undertake a series of engagements with business leaders and investors, before joining celebrations to mark Scotland’s men’s national football team’s return to the World Cup, ahead of the match on Saturday.

Mr Swinney will attend the Scotland v Haiti game at the invitation of FIFA, alongside a Scottish Football Association delegation.

A new US Export Plan has also been published to provide guidance for Scottish businesses to navigate US regulations, market competition and trade barriers, with five priority states offering the best potential for growing sales of Scotland’s eight key export sectors.

First Minister John Swinney said: “To our men’s national team, I know I speak for everyone when I say Scotland could not be prouder and the country is right behind you this weekend, and this summer.

“This is a profound moment of national joy. Our long awaited, and much celebrated, return to the World Cup is an opportunity to showcase what Scotland has to offer as a place to live, work, study, do business and visit.

“While I am in the United States, I will be meeting with business leaders and investors to strengthen existing ties and help foster new opportunities to secure further international investment into Scotland.

“Our new US Export plan will also make it easier for Scottish businesses to navigate the US market, setting out where the right customers are, what they are looking for and how to reach them.

“As we head into this weekend, I want to remind everyone to enjoy themselves responsibly and safely. For those lucky enough to travel to the US, please remember to check and follow FCDO advice.

“Come on Scotland. The world is watching. Let’s make history!”

Bridges, Not Boundaries

Neil Lal highlights the strategic value of trade and investment Between Scotland and India

In a statement releasedyesterday, Neil Lal, Chairman and President of The Indian Council of Scotland and United Kingdom, called for an ambitious deepening of trade and investment between Scotland and India, emphasising the clear economic and strategic benefits that such a partnership brings to both nations.

“As India continues its rise as a global economic powerhouse, Scotland must seize this moment to align our strengths, invest in shared opportunity, and build a modern partnership rooted in innovation, sustainability, and mutual prosperity,” said Mr. Lal.

India, now the fifth-largest economy in the world with a GDP exceeding $3.7 trillion, is projected to become the third-largest by 2030. In the year to March 2024, UK–India trade reached £36.3 billion, growing by over £10 billion in just three years. Scotland’s exports to India—currently valued at over £725 million—span sectors including renewable energy, education, technology, and food and drink, all primed for growth.

Key facts highlighted in Mr. Lal’s statement include:

Scotch whisky exports to India rose by 60% in 2023, with India becoming the largest market by volume.

Over 55,000 Indian students are currently studying in the UK, with increasing enrolment in Scottish universities.

India’s digital economy is projected to hit $1 trillion by 2030, offering partnership potential in fintech and AI.

Scotland’s world-leading renewable energy sector can support India’s target of 500 GW of non-fossil fuel capacity by 2030.

Mr. Lal also underscored the role of the Indian diaspora in Scotland, which contributes over £1 billion annually to the Scottish economy, describing them as “a vital bridge between our communities and our commercial futures.”

With the UK and India of a recent Free Trade Agreement (FTA), the opportunities for Scottish exporters and Indian investors alike are substantial. Mr. Lal called for both governments, business leaders, and civil society to “work together to ensure Scotland is at the heart of this historic agreement.”

Through his leadership of The Indian Council of Scotland and United Kingdom, Mr. Lal is actively engaging with public and private sector stakeholders to strengthen this bilateral relationship through business forums, trade missions, academic partnerships, and community-led diplomacy.

“The future of international trade is not about borders—it’s about building bridges. Let Scotland and India build one stronger than ever before,” Mr. Lal concluded.

Talks at the White House

First Minister meets President of the United States

First Minister John Swinney has met with the President of the United States Donald Trump at the White House. 

The 50-minute meeting took place ahead of the US President’s State Visit to the United Kingdom next week, with the First Minister confirming to the President he would attend the State Banquet at Windsor Palace.  

During the meeting in the Oval Office, where the President was accompanied by Secretary of State Marco Rubio, the First Minister used this latest opportunity to make the case for a better tariff deal for Scotch whisky.

The First Minister also raised the international situation including the ongoing conflict in Gaza and Qatar. 

First Minister John Swinney said: “With the US state visit to the UK just days away, we are now entering the critical days on which hopes of a better tariff deal for Scotch whisky rest.

“Scotch whisky holds a unique position, as it can only legally be produced in Scotland. During my discussions with President Trump, I made the case to reduce the tariffs on the Scotch whisky industry – something the US industry supports. 

“The United States is the largest market for Scotch whisky but Scottish distillers also spend hundreds of millions of dollars every year buying Bourbon casks from Kentucky. 

“The negotiations themselves are, of course, for the UK negotiating team but given whisky exports to the US were worth almost £1 billion in 2024, its importance to the Scottish economy cannot be underestimated and I am determined to do all that I can to protect and safeguard this iconic Scottish product.” 

The First Minister and the Scotch Whisky Association later met key Democratic and Republican members of Congress on Capitol Hill to promote a better tariff deal for Scotch whisky.

‘Brand Scotland’ Goes To Germany

Young Scottish musicians will help to sell Scotland to Germany on Ian Murray trade trip

Young Scottish musicians will be centre stage in Germany this week as part of Scottish Secretary Ian Murray’s Brand Scotland campaign. 

The event is part of the Secretary of State’s Brand Scotland campaign, which is selling the best of Scotland to the world, and encouraging inward investment to Scotland – creating jobs and putting money in people’s pockets. Part of our Plan for Change, our Brand Scotland work overseas will bring real returns for people back home. 

Members of the National Youth Orchestra of Scotland (NYOS) and their guest soloist, Ryan Corbett, will perform at a business and government breakfast event at the British Ambassador’s residence in Berlin. Hosted by the Scottish Secretary and the UK’s Ambassador to Germany, Andrew Mitchell CMG, the event will put the best of Scotland in front of key business investors, including those from the energy, space, technology, life sciences and food and drink sectors.

While on his two-day trade mission to Berlin the Scottish Secretary will also meet Michael Meister, Minister of State for Federal-State Relations in the German Federal Government. In addition, Mr Murray will visit the Bundersat, the upper house of the German Parliament and meet with representatives from the Lander, the 16 federated states of the German Republic at the British Embassy.     

This visit is part of a series of international engagements designed to showcase the very best of Scotland to global audiences and encourage international businesses to invest in Scotland’s economy.

Mr Murray’s visit to Germany comes shortly after the UK and Germany signed a new treaty, which is part of the UK Government’s ongoing work to reset our relationship with our European neighbours. Mr Murray is taking advantage of that reset to drive forward his Brand Scotland campaign.

Later this year he will travel to India and Sweden.

Scottish Secretary Ian Murray said: “Scotland’s cultural excellence is one of our greatest assets in attracting international investment and driving economic growth. The National Youth Orchestra of Scotland represents some of our most extraordinary musical talent. I’m delighted that they are able to join me in Berlin, and this performance will demonstrate Scottish culture at its finest. 

“My Brand Scotland campaign is about selling all that is fantastic about Scotland to the world, to encourage both exports and inward investment in Scotland, and I’m very pleased that we have been able to fund this event in Berlin. Brand Scotland is a key part of the UK Government’s Plan for Change, bringing real rewards for people in Scotland.”

The breakfast event is being put on thanks to a £2,700 grant from the Scotland Office Brand Scotland fund. This is the first of a number of world-wide events which will be funded by Brand Scotland through the UK Government’s FCDO network. 

Scotland’s national youth orchestra is performing at the prestigious Young Euro Classic festival under the baton of acclaimed conductor Catherine Larsen-Maguire, presenting the European premiere of a new accordion concerto by Scottish composer Jay Capperauld. 

On the morning of their performance, members of the NYOS orchestra will join politicians, politicians, diplomats and business investors at the Scottish “Symphony and Sausages” breakfast. Guests will be served a full Scottish breakfast, including smoked salmon, haggis and black pudding, with the embassy chef learning to make potato scones specially for the occasion. Breakfast will be accompanied by Irn Bru and Walkers Shortbread. 

The Berlin visit comes just ahead of a major speech on culture which Mr Murray will deliver in Edinburgh. In it, he will outline how Scottish culture drives social connections while contributing significantly to economic growth.

He will highlight the UK Government’s direct investment in Scottish culture, including the recent £1.5 million contribution to the refurbishment of the much-loved Edinburgh Filmhouse.

Starmer to meet Trump in Scotland for talks today

  • The Prime Minister will travel to Scotland today to meet the President for talks on his golf course in Turnberry
  • The leaders are expected to discuss progress on implementing the UK-US trade deal, hopes for a ceasefire in the Middle East and applying pressure on Putin to end the war in Ukraine
  • The leaders will travel on together for a further private engagement in Aberdeen

Prime Minister Keir Starmer will meet US President Donald Trump in Scotland today for wide-ranging talks.

The Prime Minister will travel to the President’s golf course in Turnberry, ahead of Trump’s landmark second State Visit to the UK in September.

Over the course of the visit, the leaders are expected to talk one-to-one about advancing implementation of the landmark Economic Prosperity Deal so that Brits and Americans can benefit from boosted trade links between their two countries.

The Prime Minister is also expected to welcome the President’s administration working with partners in Qatar and Egypt to bring about a ceasefire in Gaza.

He will discuss further with him what more can be done to secure the ceasefire urgently, bring an end to the unspeakable suffering and starvation in Gaza and free the hostages who have been held so cruelly for so long.

Securing peace in Ukraine will also be high on the agenda, with the Prime Minister and President set to talk about their shared desire to bring an end to the barbaric war. It is expected they will reflect on progress in their 50-day drive to arm Ukraine and force Putin to the negotiating table.

It’s quite possible that President Trump may change that agenda, of course.

After their meeting they will travel on together to a private engagement in Aberdeen.

The UK and the US have ‘one of the closest, most productive alliances the world has ever seen’, working together to cooperate on defence, intelligence, technology and trade.

The UK was the first country to agree a deal with the US that lowered tariffs on key sectors and has received one of the lowest reciprocal tariff rates in the world.

Businesses in the aerospace and autos sectors are already benefitting from the ‘strong relationship the UK has with the US’ and the deal agreed on 8 May.

The Government says it is ‘working at pace with the US to go further to deliver benefits to working people on both sides of the Atlantic and to give UK industry the security it needs, protect vital jobs, and put more money in people’s pockets through the Plan for Change’.

Prime Minister at the White House: “We stand side by side still”

Prime Minister Keir Starmer’s opening remarks at the White House press conference

Thank you very much, Mr President. Thank you for your hospitality, thank you for your leadership. This has been a very good and very productive visit.

And with your family roots in Scotland, and your close bond with His Majesty the King, it’s good to know that the United Kingdom has a true friend in the Oval Office.

And it was so good to see the bust of Winston Churchill back in its rightful place just a moment ago.

But look, in a moment of real danger around the world this relationship matters more than ever. We remain each other’s first partner in defence ready to come to the other’s aid to counter threats, wherever and whenever they may arise.

No two militaries are more intertwined than ours. No two countries have done more together to keep people safe.

And in a few weeks’ time we’ll mark VE Day The 80th anniversary of Victory in Europe. Britain and America fought side-by-side to make that happen – one of the greatest moments in our history.

We stand side-by-side still, today and we’re focused now on bringing an enduring end to the barbaric war in Ukraine.

Mr President, I welcome your deep, personal commitment to bring peace and stop the killing. You have created a moment of tremendous opportunity to reach an historic peace deal – a deal that would be celebrated in Ukraine and around the world.

That is the prize.

But we have to get it right. There’s a famous slogan in the United Kingdom, from after the Second World War – that is that we have to “win the peace.” And that’s what we must do now.

Because it can’t be a peace that rewards the aggressor. Or that gives succour to regimes like Iran.

We agree – history must be on the side of the peacemaker, not the invader. So the stakes, they could not be higher.

And we’re determined to work together to deliver a good deal. We’ve discussed a plan today to reach a peace that is tough and fair – that Ukraine will help to shape – that is backed by strength – to stop Putin coming back for more.

And I am working closely with other European leaders on this. And I am clear – that the UK is ready to put boots on the ground and planes in the air to support a deal. Working together with our allies, because that is the only way that peace that will last.

Mr President, in this new era, you’re also right that Europe must step up. And let me tell you now – I see the growing threats we face and so the UK is all in.

This year we will be giving more military aid to Ukraine than ever. And just this week I have set out how we are shouldering more of the security burden. We’re already one of the biggest spenders in NATO and now we are going much further, delivering Britain’s biggest sustained increase in defence spending since the Cold War.

This isn’t just talk – it’s action. Rebalancing the transatlantic alliance, making us all stronger and standing up for our shared values and shared security. As Britain always has.

Now, Mr President, it’s no secret we’re from different political traditions but there is a lot that we have in common. We believe it’s not taking part that counts – what counts is winning. If you don’t win – you don’t deliver.

And we’re determined to deliver for the working people of Britain and America – who want – and deserve – to see their lives improve. So we’re both in a hurry to get things done.

And that’s what the UK and the US do when we work together: we win – and we get things done.

So we’ll do what it takes to keep our people safe. We will also work together to deliver some big economic wins that can benefit us both.

We have $1.5 trillion invested in each other’s economies, creating over 2.5 million jobs across both economies.

Our trading relationship is not just strong – it is fair, balanced and reciprocal.

We’re leaders together in so many areas: Ranked one and two in the world as investment destinations…one and two for universities…One and two for Nobel prizes…One and two in golf, as well – by the way…

And we’re the only two western countries with trillion dollar tech sectors – Leaders in AI and look, we take a similar approach on this issue.

Instead of over-regulating these new technologies we’re seizing the opportunities they offer. So we have decided today to go further to begin work on a new economic deal with advanced technology at its core.

Look – our two nations, together shaped the great technological innovations of the last century. We have a chance now to do the same for the 21st century.

I mean – artificial intelligence could cure cancer that could be a moonshot for our age and that’s how we will keep delivering for our people.

There are so many opportunities.

Keep our nations strong and fulfil the promise of greatness that has always defined this relationship.

Finally, to underline the importance of this bond, it was my privilege and honour to bring a letter with me today – from His Majesty the King.

Not only sending his best wishes, but also inviting the President and the First Lady to make a State Visit to the United Kingdom: an unprecedented second State Visit – this has never happened before.

It’s so incredible it will be historic.

And I’m delighted that I can go back to His Majesty The King and tell him that President Trump has accepted the invitation.

So thank you. Our teams will now work together to set a date.

Mr President, we look forward to welcoming you in the United Kingdom.

Thank you once again.

PM meeting with President Trump

Prime Minister Keir Starmer and President of the United States Donald Trump met today in the White House. 

The leaders discussed the depth of the special relationship between their two nations and their commitment to shared security and prosperity.  

They spoke about the fair, balanced and reciprocal economic relationship that the two countries enjoy. They agreed their teams should work together to deepen this relationship, and to work together to agree a trade deal focused on tech.  

On defence and security, they agreed that the strength of the UK and US’s intelligence and defence relationship is unrivalled. The Prime Minister underlined the announcement he made this week to increase defence spending to 2.5%  

The leaders agreed that on Ukraine, talks must work towards a lasting peace. The Prime Minister said the UK is ready to play a leadership role on supporting Ukraine’s future security. They discussed their shared commitment to a ‘peace through strength’ approach and that their teams should collaborate on this. 

The President accepted an invitation on behalf of His Majesty The King for an unprecedented second State Visit to the United Kingdom.


Growth and security at heart of PM’s meeting with President Trump

The Prime Minister will be focused on delivering prosperity and security for the British people, when he meets President Trump today in Washington D.C – but what Mr Trump will be focused on is anyone’s guess

  • Prosperity and security for working people focus of Prime Minister’s meeting with President Trump.   
  • Special relationship between UK and US critical to deliver growth and security, with further collaboration on AI and tech.    
  • Prime Minister to reiterate shared US-UK commitment to reaching a durable and lasting peace in Ukraine, and the need for Europe to step up to the challenge.

The Prime Minister will be focused on delivering prosperity and security for the British people, when he meets President Trump today (Thursday 27 February) in Washington D.C.

The UK and the US share a unique and historic relationship, based on shared values and a mutual commitment to economic and defence cooperation.  

The UK and the US have one of the biggest trading relationships of any two countries in the world, worth around 400 billion dollars and supporting over 2.5 million jobs across both countries.     

This visit comes just days after the third anniversary of Russia’s illegal invasion of Ukraine. The Prime Minister and President Trump share a commitment to delivering lasting peace in Ukraine, and the Prime Minister will reiterate the UK’s commitment to securing a just and enduring peace, bringing an end to Russia’s illegal war.     

The Prime Minister will be clear that there can be no negotiations about Ukraine, without Ukraine and will recognise the need for Europe to play its part on global defence and step up for the good of collective European security.    

On Tuesday, the Prime Minister announced that defence spending will increase to 2.5% of GDP from April 2027, with an ambition to reach 3% in the next parliament. This will drive economic growth and create jobs across the UK, while bolstering national security and protecting borders.   

Prime Minister Keir Starmer said: “The world is becoming ever more dangerous, and it is more important than ever that we are united with our allies.     

“A stable economy, secure borders and national security are the foundations of my Plan for Change, and the US-UK relationship is integral to delivering them. These principles will be at the heart of discussions with President Trump today.  

“There are huge opportunities for us to deepen our special relationship, deliver growth and security, and improve the lives of working people in both our great nations.”

Both countries are world leaders in AI and advanced technologies, and the Prime Minister will be looking to build on these strong foundations to create jobs and economic growth.     

The discussion will have a particular focus on the opportunities that further technology and AI partnerships could deliver. These include a proposal of high-ambition shared moonshot missions across top technologies including quantum and AI, and a deeper partnership on space.     

The US and UK are the only two allied countries with trillion-dollar technology eco-systems, and the Prime Minister will make the case for further integration between the two countries’ tech sectors to make them the most efficient, ambitious technology sectors in the world.     

In October, US tech firms announced a £6.3 billion package of investment to support UK data centres – a central pillar of the government’s plan to ramp up the country’s AI capacity. In January a further £12 billion investment from Vantage Data Centers created over 11,500 jobs as the government published its AI Opportunities Action Plan.   

These investments represent just one facet of the deepening science, innovation, and technology collaboration between both countries. In AI, researchers from both sides of the Atlantic have dedicated research exchange programmes to share knowledge and expertise in delivering the next wave of cutting-edge innovations that improve people’s lives in areas such as personalised care, autonomous surgeries, and cancer diagnosis – on top of a broader AI partnership which has also been signed by the AI Institutes of both countries. 

On a visit to the West Coast at the end of last year Technology Secretary Peter Kyle met a range of companies to bang the drum for further investment in the UK’s technology sector. Just two weeks ago, he also put pen to paper on a new partnership with leading AI firm Anthropic which will explore how the technology can be put to work to transform the public services that UK citizens rely on, and deliver on the government’s Plan for Change.   

The Prime Minister will join President Trump at the White House today, where he will be greeted by the President before signing the White House Guest Book and a tete a tete at the Oval Office. This will be followed by a bilateral lunch, and a joint press conference. He will also carry out a defence-focused visit.   

On arrival on Wednesday night, he met a select group of CEOs from large US businesses to discuss their existing and growing presence in the UK, and the importance of UK-US trade and investment (above).

He will outline the strength of the UK offer to investors: policy stability; an active partnership with government; an open, trading economy; and a reform agenda focused on making it easier to do business.   

The Prime Minister is accompanied by the Foreign Secretary David Lammy, who will join the Prime Minister’s programme at the White House (pictured above with ‘Lord’ Peter Mandelson, who welcomed the UK delegation to Washington).

Chancellor calls for business-like relationship with EU

  • Rachel Reeves calls for business-like relationship with the EU to drive more trade, support businesses and boost economic growth that benefits working people
  • Chancellor to put making working people better off at the heart of economic reset with the EU
  • Reeves to be the first UK Chancellor to address EU finance ministers since the UK left the EU

Making working people better off must be the aim of our economic reset with the EU, Chancellor Rachel Reeves will tell a meeting of finance ministers in Brussels today.

Reeves becomes the first UK Chancellor to attend a meeting of EU finance ministers since the UK left the EU – a clear signal of the UK Government’s commitment to reset the relationship with the EU and realise the economic potential of our shared future.

In her speech, the Chancellor will set out that part of the government’s mission to drive economic growth and make working people better off, a central part of our Plan for Change, will be achieved through a closer relationship with the European Union.

She will talk to three key areas of the UK-EU relationship: tackling shared challenges, including the war in Ukraine; championing free trade as a driver of economic competitiveness; and strengthening bilateral economic partnerships.

She will go on to say that by taking these on together, we can have a meaningful impact on putting more money in people’s pockets through lower prices and better jobs through increased investment.

Rachel Reeves, Chancellor of the Exchequer, will say: “This is the first time a British Chancellor has addressed the Eurogroup since Brexit. And there could be no more important moment to do so, than now.

“It is a signal of the new UK Government’s commitment to resetting our country’s relationship with the European Union; and the importance I place in realising the economic potential of our shared future.”

She will add: “I know that the last few years have been fractious. Division and chaos defined the last government’s approach to Europe. It will not define ours.

“We want a relationship built on trust, mutual respect, and pragmatism. A mature, business-like relationship where we can put behind us the low ambitions of the past and move forward, focused instead on all that we have in common.

“And all that we might achieve together to keep our countries safe, secure and prosperous.”

On strengthening economic ties, she will say: “I believe that a closer economic relationship between the UK and the EU is not a zero-sum game. It’s about improving both our growth prospects.

“The reset in relations is about doing what is the best interests of our shared economies and those that depend on it.

“That means breaking down barriers to trade, creating opportunities to invest and helping our businesses sell in each other’s markets.

“That’s why I’m here today; that’s what our reset seeks to achieve.”

Ms. Reeves will also underscore the importance of the UK and EU’s unwavering support for Ukraine over 1,000 days since Russia’s invasion, delivered most recently through a G7 loan of $50bn backed by the extraordinary profits on immobilized Russian sovereign assets. She will say that Ukraine’s national security ensures the UK and Europe’s national security too.

While in Brussels, the Chancellor will also attend a series of bilateral meetings with European counterparts. International economic partnerships are a crucial part of the government’s number one mission to grow the economy and make every part of the UK better off.

There will no return to the single market, the customs union, or freedom of movement. But, following their meeting on 2 October, the Prime Minister and President of the European Commission Ursula von de Leyen agreed to strengthen the UK-EU relationship and put it on a more solid, stable footing.

The EU reset feeds directly into the government’s Plan for Change to be achieved via its five missions – one of which is growth. The reset will help contribute to the government’s ambitions to grow the economy, invest to create an NHS fit for the future and tackle irregular migration.

The UK and the EU share the world’s second largest trading relationship, facilitating over £660 billion (€750 billion) in trade each year. The UK and EU countries together also comprise 24 of NATO’s 32 allies, united in a commitment to collective security.

The government will publish a Trade Strategy in 2025, renewing the government’s commitment to free and open trade.

It will support the government’s Industrial Strategy and Net Zero ambitions and enhance economic security. As part of this, the government will work with the EU to identify areas where the government can strengthen cooperation for mutual benefit, including the economy, energy, security and resilience.

Global partnerships are crucial to the UK government, with direct benefit to the domestic economy – the International Investment Summit held in October secured a record breaking £63 billion of investment and nearly 38,000 jobs are set to be created across the UK as a result.

Today’s Eurogroup attendance comes after Reeves’ speech at Mansion House in November, where she set out that advocating free and open trade especially with economically important partners was in the UK’s national interest. Reeves’ visit to Brussels comes ahead of her next international visit, which will be to Beijing in the new year.

Shevaun Haviland, Director General of the British Chambers of Commerce said: “If our economy is to grow then we must export more. That’s why we urgently need a better trading relationship with our closest and biggest market, the European Union. The current arrangement isn’t working for our members. 

“Right now, UK firms wanting to trade with Europe are struggling under huge regulatory and paperwork burdens.   

“Businesses will be encouraged to hear the Chancellor talking about a reset in our relationship with the EU which genuinely breaks down barriers to trade.  

“A better deal can’t come soon enough for UK exporters. It’s vital that talks move at pace in the coming months to make life easier for businesses to thrive.”

Britain is open for business: Chancellor visits North America in investment drive

  • Rachel Reeves to bang the drum for Britain in visit to New York City and Toronto this week.
  • Chancellor to share her vision for growth and champion UK sectoral strengths across financial services, clean energy and infrastructure to investors and CEOs.
  • Trip to build momentum for the International Investment Summit on 14 October.

Chancellor Rachel Reeves has visited New York and Toronto this week with the message that Britain is open for business.

She met with CEOs and senior representatives from major players across the US and Canada’s foremost industries, highlighting that early steps taken by the government to fix the foundations and restore economic stability makes the UK an attractive destination for investment.

Chancellor of the Exchequer Rachel Reeves: “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.”

While in New York, the UK’s first female Chancellor of the Exchequer met with Wall Street leaders and host a reception to celebrate women in finance.

The US is the UK’s biggest financial services trading partner, with UK exports to the US valued at £23.4bn annually. The sector is at the heart of the government’s core mission to deliver sustainable economic growth as a jewel in the crown of the UK economy and one of its success stories, contributing almost 10% of UK GVA and employing 1.2 million people.

In Toronto, the Chancellor met with names in the world of clean energy and infrastructure. The government’s mission to make Britain a Clean Energy Superpower will bring opportunities for economic growth whilst helping the UK meet its target of clean power by 2030.

That mission has started in earnest with the creation of Great British Energy to partner with the private sector and secure the investment needed to accelerate the transition, the sweeping away of barriers to onshore wind farms, and a record £1.5 billion budget for this year’s renewable energy auction to get Britain building green.

During her time in the US and Canada, Reeves has pointed out that the government has moved quickly to create a stable environment where businesses have the confidence to invest in the UK.

This has included reform of a planning system that has long frustrated investment, ending the ban on on-shore wind and the establishment of a National Wealth Fund, backed by £7.3 billion to catalyse further private investment in our world-leading green and growth industries of the future.

The UK is already Europe’s leading hub for investment, with UK markets raising more capital than the next two highest European exchanges combined in 2023.

The Chancellor visited North America with a renewed purpose to build upon this, with it being announced yesterday that Britain is to play host to the International Investment Summit on 14 October.

In doing so, Ms Reeves is looking to deepen the strong economic relationship between Britain and the two North American countries.

The United States is the largest source of foreign investment in the UK and the UK is the third largest investment destination for Canadian companies, whom invested more than $73 billion of FDI stock in 2021.