Ministers are launching a global charm offensive in a bid to attract more business to Britain as firms look for a safe haven to shield them from the fall-out of President Donald Trump’s trade war.
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.
The Prime Minister is also seeking to use the event as a way of signalling to international companies that Britain is a more secure place to invest than the US and other countries that have come into the firing line of American tariffs.
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.
The campaign is being launched as the Chancellor prepares for talks with the US Treasury Secretary on a deal to exempt Britain from some of Trump’s tariffs. She has also announced a crackdown on cheap goods from Chinese firms such as Shein which UK retailers claim are squeezing them out of the market.
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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.
Reeves has refused to rule out raising taxes again at the next Budget in the autumn if needed to avoid breaking her borrowing rules – but on Wednesday she insisted she would keep her promise not to increase income tax, VAT or national insurance.
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.
According to the Financial Times, one such project will be a 38-mile carbon capture project as part of HyNet North West.
The agreement will see Italian company, Eni, build a pipeline depositing carbon dioxide from industrial plants around Liverpool and Manchester to depleted gasfields offshore.
Speaking at the summit, Starmer will say: “Delivering the plan for change means winning the race for the clean energy jobs of the future, which will drive growth and help us reach clean power by 2030.”
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.
In a letter to clean energy developers and investors ahead of the summit, the Energy Secretary Ed Miliband and Business Secretary Jonathan Reynolds, along with the heads of Great British Energy and the National Wealth Fund, urged them to consider putting their money into the UK.
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.”
Privately, business figures have indicated they are willing to shift investment in green energy from the US to the UK after encountering hostility towards the industry from the Trump administration, The i Paper understands.
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.”
The Chancellor also insisted that “there is certainly a deal to be done between the UK and the US” to avoid the full impact of Trump’s tariffs.
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.”
But Reeves warned that the Government would not relax animal welfare standards to allow more American food products to enter Britain. She said: “We’ve been really clear since the beginning of our discussions with our US counterparts, that we’re not going to be reducing agricultural standards in the UK, and the US administration respect and understand that.”
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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