Business secretary ‘not worried’ about riots putting off foreign investors
Business and Trade Secretary Jonathan Reynolds has said he is “not worried” about the potential effect of days of rioting on foreign investment in the UK as the Government seeks to secure economic growth.
As disorder intensified in the UK earlier this week, Chancellor Rachel Reeves was courting global investors during a three-day visit to the US and Canada where she pushed the message that “Britain is open for business”.
Mr Reynolds told broadcasters on Sunday: “It is clearly a difficult thing to have to contend with as a country.
“However, I would say that, for the big investors that I talk to, they’re more motivated by the political stability of the Government, by the certainty of the tax regime, by the changes to planning policy and a whole range of other pro-business measures that we’re putting in place.
“And, certainly, for our investment summit, which is coming up in October, we have a huge amount of interest in it, so I’m not worried about the effect.”
The Government is seeking to boost investment as part of its growth strategy.
Prime Minister Sir Keir Starmer will host an International Investment Summit on October 14 – two weeks ahead of the autumn Budget.
Mr Reynolds said the cost of days of unrest is not yet clear, but that the impact on small businesses has been “very significant”.
“Even getting back open has been a burden for them, and therefore (they are) probably not in a position at this stage to be able to assess the scale of the loss.”
He said he is seeking to make insurers pay claims promptly and to make businesses aware that they might be able to access support under the Riot Compensation Act if they are not insured or not adequately covered by insurance.
He also urged the public to support their local businesses.
“If you care about these brilliant local businesses that are the heart of your community, please give them your support in the days and weeks ahead,” he said.
PA Media – Helen Corbett