HM Treasury

This week, Chancellor Rt Hon Rachel Reeves has been at the IMF in Washington D.C, meeting business and economic leaders to set out how this government is delivering stability and growth, creating the right conditions for international investment in the UK. This comes in the same week as the IMF upgraded its growth forecast for our economy for the second time this year. By championing growth and stability, we’re building a more confident, competitive and ambitious Britain.

Under current projections, our trade deal with India is set to increase UK GDP by £4.8 billion each year, and add £2.2 billion to wages.   The Chancellor visited Sipsmith's this week to hear from Co-Founder Sam Galsworthy about what the deal means to them and why it's great for British brands.

When I became Chancellor, I put growth at the heart of my agenda.   That is why over the last year I have worked to cut unnecessary red tape, why I have tasked the regulators to regulate for growth, and why we launched the Financial Services Growth and Competitiveness Strategy, which is building a stronger culture of retail investment.   These measures are starting to bear fruit, and we saw that recently with new and exciting companies listing on the London Stock Exchange and others announcing their intention to.   Today I welcomed Goldman Sachs CEO and Chairman David Solomon to Downing Street where I spoke to him about this government's commitment to growing the economy and delivering a climate that encourages more businesses to invest. With over 6,000 employees in the UK, across London, Milton Keynes and Birmingham, Goldman Sachs is a vital partner in helping us to attract the high growth opportunities of the future, which are needed to create high paying jobs and opportunities for businesses and communities across the country.

The UK continues to be a world-leading destination for financial services.   According to the latest data from the Bank for International Settlements – BIS, daily foreign exchange trading in London has reached $4,745bn, giving the UK a global market share of almost 40%, nearly twice that of the United States.   London’s share of global forex turnover has also grown by 27% since 2022, underlining its growing command of the market.   By cutting unnecessary red tape, working with regulators to support growth, and promoting the UK’s strengths on the global stage, we are strengthening a financial services sector that employs over a million people across the country. 

In September, we secured £150 billion in investment commitments from some of America’s most innovative companies, a huge vote of confidence in the UK’s economic strength and potential.   And in recent weeks, we’ve seen new and ambitious firms debut on the London Stock Exchange, further proof that the UK remains one of the best places in the world to start, grow and list a business.   Hear from Conor Hilery, Co-CEO EMEA at JPMorganChase, on how, due to this government's policies, more global businesses are viewing the UK as an increasingly attractive place to allocate capital.

When high growth companies invest - that means better jobs, wages and opportunities for working people across the UK. The Chancellor spoke to business leaders at JPMorganChase yesterday about this government's pro-business agenda, and our credentials as a tech powerhouse.

Financial services are key to unlocking economic growth, employing over a million people and driving billions in investment and innovation.   One of the companies powering this growth is JPMorganChase, investing in the UK’s long-term future through a £40 million, five year programme to support sustainable economic growth. This includes helping young people access better job opportunities, reducing barriers to entry-level roles, and supporting families to build stronger financial futures.   As an employer of 23,000 staff in the UK and the largest private sector employer in Dorset, J.P Morgan is also backing small businesses with a £3.5 million grant and working with the OECD to align career training with evolving labour market needs, ensuring the next generation is equipped with the skills to succeed.   Today, I met Chairman and CEO Jamie Dimon to discuss government’s plans for growth, and how, by working with innovative and ambitious companies like J.P. Morgan, we can create better, high-paying jobs for communities, while supporting the growth and success of businesses across the UK.

Investment in this country is key to getting growth. In September alone, we welcomed £150bn in investment commitments from some of America's top companies, including Microsoft, which announced a £22bn boost for AI infrastructure and its ongoing operations in the UK - its biggest ever financial commitment to this country. Today I met Brad Smith, Vice Chair and President, to discuss this landmark investment and to welcome the news that Microsoft will also partner with British company Nscale to build the UK’s largest supercomputer. This technology will help us confront the challenges of the future, from scientific breakthroughs to boosting productivity across our economy. With world-class universities, a wealth of talent, and the world’s third trillion-dollar tech sector, the UK is uniquely placed to seize future growth opportunities like these. By continuing to attract the most innovative companies to our shores, we are putting Britain at the cutting edge, delivering better jobs, higher wages, and growing our economy.