Rachel Reeves campaigns in North America: Stability and Growth for the United Kingdom

Rachel Reeves, recently appointed Chancellor, embarked on a three-day trip to New York and Toronto on Monday. This endeavor aims to present the United Kingdom as a "stable place for business" following the Labour Party's election victory last month. The trip seeks to promote business ahead of an international investment summit to be hosted by Prime Minister Sir Keir Starmer in mid-October. The objective of the summit is to boost investments as part of his growth strategy. Reeves emphasized that the summit is intended to signal that the country is a "stable place for business" and to realign relationships with trading partners after the recent political and economic turbulence in the United Kingdom. However, Reeves' visit will occur against the backdrop of violence in several British cities over the past weekend. Clashes between far-right activists and the police undermine her "stability" narrative. The global investment summit on October 14 will gather 300 business leaders and will be attended by Starmer and several of his cabinet members, including Reeves and Business Secretary Jonathan Reynolds. "This summit offers the opportunity to engage meaningfully with the world's leading companies and investors and to build long-term relationships that will promote investment in the United Kingdom," Reynolds stated. "The chaos of the last 14 years is over. Britain is open for business, and we are the preferred investment destination." Jeremy Hunt, Shadow Chancellor, insists that the Labour Party has inherited a favorable economic legacy. In opposition, Reeves and Reynolds led a so-called "smoked salmon offensive," hosting breakfast meetings with CEOs of the largest British companies in London's financial district. The government's National Wealth Fund has been allocated £7.3 billion to invest in areas such as green steel and gigafactories to decarbonize heavy industry, aiming to attract an estimated £20 billion in private investments. "I haven't wasted any time in my first month in office making the tough decisions necessary to repair our economy's foundations, so we can rebuild Britain and improve all parts of the country," Reeves explained. "There is no credible growth plan without private sector investment." In Toronto, the Chancellor will meet with investors in the renewable energy and infrastructure sectors. Starmer has expressed his ambition to make the UK a "renewable energy superpower." The international investment summit will take place two weeks before Reeves' first budget speech on October 30, a fiscal event where she has announced plans to raise taxes and implement further spending cuts. Attracting foreign direct investment and increasing the country's growth rate are top priorities for Starmer as he seeks to pull the country out of what he terms the "vicious cycle" of low growth and high taxes.