Britain’s new business secretary, Jonathan Reynolds, said he was “fed up” with the UK losing new investment to countries like Spain and France, in an interview published on Saturday by the Financial Times (FT) newspaper.
Reynolds announced that Labour government to launch ‘industrial strategy’ in the coming weeks – this is part of his party’s electoral programme ahead of last July’s elections – to attracting global investments that are now going to other countries.
“We are tired of hearing how much ground the UK has lost to France and President (Emmanuel) Macron. “We are tired of hearing how other countries like Spain, when it comes to car policy, seem to be hungrier than us.”” Reynolds said.
This is why the minister assured that he would present his country’s strategy to a investment summit scheduled for October 14which aims to raise funds in sectors such as advanced manufacturing, professional services and creative industries.
According to the economic newspaper, Some businesses are concerned about possible tax increases that the Executive could present in its Budget at the end of next month and its effects on the capacity to attract foreign investments.
Furthermore, the FT adds, the Labour Prime Minister, Keir Starmer has already been rejected twice to lead this new industrial strategy.through a high-level council that will be responsible for designing the plan.
Former Conservative Prime Minister Theresa May presented an industrial strategy, but it was excluded by Chancellor of the Exchequer Rishi Sunak in March 2021.
