Chancellor Rachel Reeves is set to visit New York in early August to engage with top US investment firms, aiming to secure billions of pounds for UK projects.
Her itinerary includes a private dinner with Stephen Schwarzman, chairman and CEO of Blackstone, the world’s leading commercial property investor, and a breakfast meeting with Wall Street leaders.
This strategic trip underscores Reeves’ efforts to draw significant private investment into the UK, targeting sectors such as green energy, infrastructure, and housing. She has also emphasised her support for the UK financial services sector and the City of London, key areas for Wall Street banks.
Reeves’ visit follows the launch of a national wealth fund, which allocated £7.3 billion of taxpayer money to back major projects and attract private finance. She described the fund as a “concierge service” for investors interested in the UK.
The United States remains the largest source of foreign investment in the UK, but support has declined over the past four years. EY’s latest survey revealed a 42 per cent drop in US investment projects in the UK in 2023 compared to 2019, while US projects across Europe fell by 29 per cent.
Blackstone, a significant backer with over $30 billion invested in the UK, is among the key targets of Reeves’ charm offensive. Earlier this year, Schwarzman marked the start of Blackstone’s new European headquarters in London’s Mayfair.
The UK government is gearing up for a major conference in October to pitch to global investment leaders, with Labour hosting a Global Investment Summit to continue the tradition of attracting top Wall Street executives.
Rachel Reeves has a history of engaging with business leaders, having led a campaign as shadow chancellor dubbed the “smoked salmon and scrambled eggs offensive.” Inspired by President Biden’s industrial strategy, Reeves aims to revitalise the UK’s industrial heartlands and support diverse sectors from life sciences to green industries.
In a recent interview on BBC’s Sunday with Laura Kuenssberg, Reeves highlighted her commitment to securing investment and job creation in the UK, stating: “I do want to ensure that Britain gets its fair share of investment, that we bring jobs in industries from life sciences to green industries like carbon capture and storage, and support our financial services sector that employs more than a million people.”
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Rachel Reeves embarks on New York mission to attract UK investment