By Jessica Frank-Keyes
Private sector investment is the “lifeblood of economic growth” and central to Labour’s ambitions for Britain, Rachel Reeves is set to say in a speech in Davos today.
The shadow Chancellor will tell executives at the World Economic Forum in Switzerland, that, if elected, the party will “restore Britain’s reputation as a place to do business”.
It comes as Labour continues to make wooing the Square Mile a key plank of their electoral strategy.
Speaking at a JP Morgan hosted event, at the exclusive Swiss ski resort, Reeves is expected to say: “None of the ambitions of the next Labour government can be achieved without business. The lifeblood of economic growth is private sector investment.”
She will add, according to pre-briefed remarks: “With Labour, Britain will be open to business. We will restore stability and security into our economy.
“We will restore Britain’s reputation as a place to do business. And we will be a trusted partner with business in delivering the change our country and our economy needs.”
Reeves is expected to say Labour will create “a new business model for Britain that puts economic security first” as she outlines her ‘securonomics’ approach.
She will vow to be “ambitious for Britain’s economy”, adding: “I believe we are the nation best equipped to seize the opportunities of the future in AI, clean power and life sciences.”
Reeves will highlight the impact on British lives of “rising energy bills, higher prices in the shops and businesses anxious about disruptions to global trade”.
The UK was “uniquely exposed” thanks to “fourteen years of stagnant economic growth and political uncertainty [which has] made us a less attractive place to do business, she will say.
Reeves will also meet with global investors and financiers alongside shadow business secretary Jonathan Reynolds who are at the international gathering for a three-day visit. The pair are set to meet with bosses from firms including Google, Barclays and Ericsson.
The shadow Chancellor’s speech, which comes as the UK enters an election year, is also set to see her argue the world has entered a “new age of insecurity” and “become a more uncertain, volatile and dangerous place” with conflicts in Europe and the Middle East.
