Rachel Reeves heads to Saudi Arabia in search of economic growth
Rachel Reeves is leading a UK delegation to Saudi Arabia as she searches for economic growth with less than a month to go before a potentially difficult Budget.
The Chancellor will use the visit to Riyadh to try to make progress on a trade deal with the Gulf Co-operation Council (GCC).
Ms Reeves, the first chancellor to visit the Gulf in six years, will attend the Future Investment Initiative (FII) and meet senior Saudi royals, US administration figures and global business chiefs.
Investments
A series of announcements on investment between the UK and Saudi Arabia are expected over the coming days.
The Chancellor said: “Our number one priority is growth, so I am taking Britain’s offer of stability, regulatory agility and world-class expertise directly to one of the world’s most important trade and investment hubs, making that case in our national interest.
“After our landmark deals with the US, EU and India, we’re determined to build on that momentum by going further and faster on partnerships that create good jobs, boost business and bring investment into communities across the UK – from the North East to the Oxford-Cambridge corridor.”
A key priority will be accelerating progress on a trade deal with the GCC which the Treasury hopes could add £1.6 billion to the UK economy and contribute an additional £600 million to UK workers’ annual wages in the long term.
She is expected to set out an ambition to work constructively towards this on both sides in her conversations with Gulf counterparts, while acknowledging “areas of divergence and cultural differences”, according to officials.
Stable
Ms Reeves will speak at the Fortune Global Forum on Monday and FII – nicknamed Davos in the Desert – on Tuesday to persuade business leaders that the UK is a stable investment destination.
With the prospect of being forced to use tax hikes or spending cuts in the Budget to meet her commitment to balancing day-to-day spending with tax receipts rather than extra borrowing, Ms Reeves will stress her “ironclad” commitment to the fiscal rules.
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Six months down the line we will find out what she promised the Saudis, when leaving her morals at the airport, to get some scraps at their authoritarian table devoid of human rights internally with the Public Investment Fund being used to evict ethnic Saudis from land they have occupied for centuries and still engaged in attacking ordinary Yemeni citizens besides the Houthi rebels aided by British Arms.
farage and co claimed 350 million a week into UK economy from brexit, but one estimate its costing us 800 million.
Saudi is not going to do sod all without getting a chunk of the UK, they know the UK is desperate and will carve us up. The EU is where it is at. Pay attention Labour MP’s, whilst you still have a job. Tell your masters they have lost Wales and the next GE if you carry on. Probably already out at the Senedd elections.
And people want to give that grifter, farage, another go.
Better off heading to Brussels.
Rachel Reeves should cancel her Saudi trip – A short trip to the countries that constantly top the happiest countries chart i.e Norway Denmark Sweden would be more beneficial than going to a country with notorious regularly practiced human rights abuses. It would be more beneficial in getting inovative ideas that would improve UK economy and citizens lives both financially and socially From oil-rich autocracy to happiness-rich democracy Reeves picked the wrong summit. Trade deals with tyrants won’t buy trust at home. If growth means ignoring rights, it’s not worth the flight.”
The oil rich states know the writing is on the wall for carbon wealth and are busy investing globally for a post oil economy. As part of thay they’re being forced to moderate their societies. Engaging with the oil autocracies speeds up these reforms. Can you imagine Saudi welcoming a female finance minister just a decade ago? There’s also a strong chance they’d invest in a race track if someone dusted off the old plans and asked.