The fledgling British Government’s commitment to investing in UK industry looks like springing into action early on.
Chancellor Rachel Reeves is heading to New York in early August with a mission to engage with top US investment firms and secure billions of pounds for UK projects.
Her agenda includes meetings with influential figures like Stephen Schwarzman, chairman and CEO of Blackstone, the world’s leading commercial property investor, and key Wall Street leaders.
Is increased UK-US trade on the cards?
Reeves’ visit shows that the UK Government literally mean business when it comes to attracting significant private investment, particularly in sectors such as green energy, infrastructure, and housing.
With the Government launching a national wealth fund that allocates £7.3 billion ($9.3 billion) to back major projects and attract private finance, now is an opportune moment for US businesses to explore the UK market.
The UK’s commitment to attracting US investment
Despite a decline in US investment projects in the UK over the past four years, the UK remains the largest source of foreign investment for US businesses.
The UK Government’s efforts to reverse this trend include high-profile engagements like Reeves’ visit and the upcoming Global Investment Summit in October, aimed at pitching to global investment leaders.
Blackstone, with over $30 billion invested in the UK, exemplifies the potential for US investment.
Seizing the opportunity
Rachel Reeves’ visit will also show US investors that the UK is looking to focus on rejuvenating its industrial heartlands and supporting sectors from life sciences to green industries, making it a promising landscape for US businesses looking to expand.
Speaking with the BBC, Reeves emphasised her dedication 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.”
I think we can all agree that the coming months will be interesting to see how the new UK Government’s strategies play out, but this US venture could be a profitable one for both the UK Government and US businesses alike.
If you are a US business owner looking to expand operations into the UK, our firm can assist you with financial matters such as tax compliance and employee payroll.
Contact us today to see how we can help secure your first footsteps on British soil.