Jeremy Hunt will ‘bang the drum’ for investment in Britain as he seeks to woo business leaders in Davos.
The Chancellor is arriving at the annual meeting of the World Economic Forum in the wake of his Labour rival Rachel Reeves, who has been on a charm offensive since earlier in the week.
It is the first visit by a chancellor to Davos since 2019. And he was criticised by Reeves for a belated arrival after last night’s vote on the Government’s Rwanda scheme.
The Treasury said Hunt was due to meet leading global chief executives and ‘bear the message that the UK is a world leader in science and technology and ripe for investment’.
Jeremy Hunt will ‘bang the drum’ for investment in Britain as he seeks to woo business leaders in Davos
The Chancellor is arriving at the annual meeting of the World Economic Forum in the wake of his Labour rival Rachel Reeves, who has been on a charm offensive since earlier in the week
Eyebrows have been raised that Rishi Sunak is not at Davos at a time when Britain seeks to boost its status. Foreign Secretary Lord Cameron and investment minister Lord Johnson were also representing Britain alongside Hunt
And he is due to appear at a panel alongside bosses including Sam Altman, chief executive of artificial intelligence (AI) pioneer OpenAI, as well as Microsoft’s Satya Nadella.
He ‘will also champion the UK’s ambition to be a science and technology superpower’, the Government said. Hunt said: ‘We boast some of the best and brightest businesses in sectors of the future like digital technology and life sciences. It’s these areas of strength that are going to drive growth across the UK economy in years to come.’
Eyebrows have been raised that Rishi Sunak is not at Davos at a time when Britain seeks to boost its status. Foreign Secretary Lord Cameron and investment minister Lord Johnson were also representing Britain alongside Hunt.
Reeves claimed Hunt’s appearance – a day before the conference closes – had let down businesses.
‘Last year they said they felt Britain was out in the cold here because they felt Britain didn’t have any representation,’ she told the Mail. ‘They were then told the Chancellor was coming this year but that hasn’t so far materialised.
‘I’ve met dozens of businesses and investors, sovereign wealth funds, some of the biggest investors in the world.
‘The Chancellor and Prime Minister should be here. If I’m chancellor next year I will be here next year.’
Reeves insisted she will not provoke a financial market meltdown like the one that unfolded after Liz Truss’s disastrous mini-Budget, saying: ‘I will never play fast and loose with the public finances. I’d like taxes to be lower on working people but I’m not going to make any commitments.’
Reeves hinted in an interview with The Telegraph that she wanted to cut taxes even for those paying the highest 45p in the pound rate.
Asked if she agreed that she wanted lower taxes on workers ‘across the spectrum’, including those paid more than £100,000, she told the newspaper : ‘Yes’.
