Sir Keir Starmer will host an energy security summit in London on Thursday where he will pitch to make the UK a world leader in green tech – drawing a dividing line with the Conservatives and Reform UK.
Cabinet ministers are writing to investors telling them this country is a safer bet in a turbulent world, as part of a “build it in Britain” campaign to attract business.
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The Government has been hit by a flurry of bad news on the economy, including a downgrade to growth forecasts and a sharp rise in the amount of money being borrowed by the Treasury.
At Thursday’s energy summit, the Prime Minister will announce that £300m of state investment for renewable energy supply chains will be brought forward from the spending review, which will take place in June.
The agreement will see Italian company, Eni, build a pipeline depositing carbon dioxide from industrial plants around Liverpool and Manchester to depleted gasfields offshore.
Labour insiders see the move as a way of drawing a political contrast with the Tories and Reform, which are both sceptical about the push for net-zero carbon emissions.
They wrote: “In all of us, you will find the most willing partners, united in our belief that in this uncertain world, the UK represents the best place to do business and to capitalise on the enormous opportunities offered by the clean energy transition and our modern industrial strategy.”
Speaking in Washington, Reeves described the UK as “a bridge between continents”, adding: “The world has changed and we can see that all around us, and what the UK is able to offer is political, financial, economic stability in a world that is very volatile at the minute.”
Asked whether she would consider a US demand to cut levies on imports of American cars, she replied: “There are still tariffs both ways, even before ‘liberation day’ in April, between our countries. I would like to see those tariffs and non-tariff barriers reduced, I think that’s in the interests of both our economies.”
Reeves and Reynolds have announced that they are stepping up efforts to stop companies “dumping” low-cost goods in the UK in response to complaints from retailers, with the trade watchdog ordered to speed up its work on the issue.
The Government will also consider ending an exemption from customs duties for packages worth less than £135, which is used by cheap online clothing sellers such as Shein to keep their prices lower.
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