As Labour’s Chancellor Rachel Reeves prepares to attend the World Economic Forum in Davos, she has outlined her party’s ambitious plans to revitalise British industry. Reeves will stress Labour’s commitment to investing in sectors such as steel and clean energy, as well as renewing transport infrastructure in the north of England.
Seeking to position the UK as a haven of stability amidst global economic uncertainty, Reeves will announce changes to the visa regime aimed at attracting “trailblazer” businesses and highly skilled workers. This includes refunding visa fees and streamlining the process for companies to sponsor migrant workers.
“Some countries give you a platform, but Britain gives you momentum,” Reeves said in pre-released remarks. “My message at Davos this week is clear: choose Britain – it’s the best place in the world to invest.”
The Chancellor will also stress Labour’s commitment to supporting the manufacturing sector, a key focus for the party. This includes investments in the steel industry and the development of clean energy technologies.
However, Reeves’ upbeat message will be delivered against the backdrop of an ongoing trade dispute between the US and Europe over the future of Greenland. With US President Donald Trump set to give a keynote speech at the Davos forum, the Chancellor is likely to face questions over the potential impact of US tariffs on the UK economy.
Reeves had previously pulled out of an event at the London Stock Exchange intended to celebrate a “new golden age” for the City, as markets reacted to Trump’s threat to impose tariffs on several European countries, including the UK.
The Chancellor is also expected to address concerns from the hospitality sector, with over 130 hotel providers warning that changes to business rates could threaten investment and jobs. Ministers have promised support measures, but details are yet to be published.
As Reeves seeks to position the UK as an attractive destination for global investment, her trip to Davos will be closely watched for signs of how Labour plans to revitalise British industry and infrastructure in the years ahead.
