UK chancellor Rachel Reeves and business secretary Jonathan Reynolds are at the World Economic Forum meeting in Davos holding a session with Bloomberg on “The Year Ahead for the UK”.
Reynolds says the UK is a globally oriented, trade-focused economy. He says there are opportunities to expand – citing the Gulf and India.
Defending the budget, Reeves cites the undisclosed £22bn gap between government revenue and spending that the government says it found upon taking office last summer.
She says she pledged never to play fast and loose with the public finances, so tough decisions were needed to get them under control.
She says: "Stability is the prerequisite for economic growth."
Reeves says she has wiped the slate clean from the previous government: "Businesses can know that our public finances are in order. We’ll never need to come back and do a budget like that again."
She adds: "Britain is open for businesses, we’re open for talent."
Reeves says she is "absolutely" relaxed about wealth creation. She says the UK wants to welcome the best people from around the world to help grow the economy.
But she insists she will not apologise for her budget, saying business leaders will understand that she had to stabilise the public finances.
During her two-day trip to Davos, Reeves is meeting business leaders including the JPMorgan Chase chief executive, Jamie Dimon, and Jo Taylor, president of giant Canadian pensions fund the Ontario Teachers’ Pension Plan.
She received a boost earlier this week, when a survey from PwC showed the UK is the second most attractive country for investment behind the US.
The agenda • 8.15am CET/7.15am GMT: Rachel Reeves holds a ‘fireside chat’ with Bloomberg at Davos • 9am CET/8am GMT: A session on Russia’s future • 10.15am CET/9.15am GMT: A session on "Where Are Interest Rates Going?" • 11am CET/10am GMT: Chief Economists’ Briefing: What to Expect in 2025?• 11.30am CET/ 10.30am GMT: Special address by António Guterres, secretary-general, United Nations • 1.15pm CET / 12.15pm GMT: A session on the Rise of Economic Nationalism • 2.45pm CET / 1.45pm GMT: Special address by Pedro Sánchez, prime minister of Spain • 4.15pm CET/3.15 GMT: A session on "Beyond Crisis: Unlocking Europe’s Potential", with German finance minister Robert Habeck and ECB president Christine Lagarde • 5.30pm CET/4.30pm GMT: A session on AI with IMF managing director Kristalina Georgieva
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