Rachel Reeves’ quest to kickstart growth in Britain’s economy will see her holding talks with leading investment bankers and asset managers this week, the latest in a series of summits with senior financiers.
Sky News has learnt that the chancellor has called in executives from companies including Abrdn, BlacRrock, Citi, Goldman Sachs, JP Morgan, Morgan Stanley and Schroders on Wednesday morning.
Sources said the meeting was intended to feed ideas into the forthcoming Financial Services Growth and Competitiveness Strategy.
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One insider said that among the topics to be discussed on Wednesday would include ways in which industry and government could work together to drive UK growth by assessing Britain’s international competitiveness.
Identifying regulatory barriers, with economic watchdogs firmly in the government’s firing line, and encouraging institutional and retail investment into the UK economy, would also be on the agenda, they added.
The roundtable discussion will take place days after the bosses of Britain’s big retail banks were called in to provide their input amid growing signs that further tax rises might be unveiled by the chancellor this year.
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Further meetings with industry figures are anticipated in the coming weeks, according to insiders.
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The disastrous reaction to Ms Reeves’s inaugural Budget – delivered last October – has raised questions about the government’s economic competence, amid signs that substantial numbers of wealthy individuals have quit Britain over the chancellor’s tax reforms.
A Treasury source said: “The Chancellor is determined to go further and faster to deliver growth and put more money into people’s pockets.
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She’s listening to ideas on how to drive this work forward – that’s why she launched the Financial Services Growth and Competitiveness Strategy, and that is why she is working in partnership with industry to achieve these goals.”
