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Rachel Reeves Leading a British delegation saudi arabia As she searches for economic growth with less than a month to go before potentially tough times ahead Budget,
chancellor will use the journey of Riyadh Attempt to make progress on a trade agreement with the Gulf Cooperation Council (GCC).
Ms Reeves, the first chancellor to visit the Gulf in six years, will attend the Future Investment Initiative (FII) and meet senior Saudi royals, US administration figures and global business leaders.
A series of announcements on investment between the UK and Saudi Arabia are expected in the coming days.
The Chancellor said: “Our number one priority is growth, so I am making this case in our national interest by bringing the UK’s stability, regulatory agility and world-class expertise offered directly to one of the world’s most important trade and investment centres.
“Following our landmark deals with the US, EU and India, we are determined to build on that momentum by building on and accelerating partnerships that create good jobs, boost trade and bring investment to communities across the UK – from the North East to the Oxford-Cambridge corridor.”
A key priority will be to accelerate progress on a trade deal with the GCC, which the Treasury hopes could add £1.6 billion to the UK economy and contribute an extra £600 million to the annual wages of UK workers in the long term.
According to officials, she is expected to have ambitions for both sides to work constructively in this direction while acknowledging “areas of difference and cultural differences” in her interactions with Gulf counterparts.
Ms Reeves will speak at the Fortune Global Forum on Monday and at FII – known as Davos in the Desert – on Tuesday to reassure business leaders that the UK is a stable investment destination.
With the Budget likely to be forced to use tax rises or spending cuts to meet her commitment to balancing day-to-day spending with tax receipts rather than additional borrowing, Ms Reeves will stress her “iron” commitment to fiscal rules.