Reeves calls in top investment bankers for growth talks
Rachel Reeves’ mission for growth continues with a fresh round of talks with top investment bankers and asset managers this week.
Executives from Abrdn, BlackRock, Citi, Goldman Sachs, JP Morgan, Morgan Stanley and Schroders are set to meet with the Chancellor on Wednesday morning, according to Sky News’ Mark Kleinman.
This marks the latest in Reeves’ series of meetings with senior financiers to help boost growth across the UK.
The meeting was intended to feed ideas into the forthcoming Financial Services Growth and Competitiveness Strategy, sources told Kleinman.
Just over a week ago, Sky News reported that Reeves had called in executives from Britain’s biggest high-street banks including Barclays, HSBC, Lloyds Banking Group, NatWest and Nationwide.
Reeves’ meeting with the retail banks last Wednesday came amidst growing concern that the Chancellor was likely to spring further tax rises in her Spring update.
OBR downgrade a blow for Reeves
This follows the Office for Budget Responsibility slashing growth forecasts, according to reports.
The downgraded forecast and higher borrowing costs would reduce the little headroom left for the Chancellor, increasing the likelihood of tax rises or deep spending cuts.
A Treasury source told Sky: “The Chancellor is determined to go further and faster to deliver growth and put more money into people’s pockets.
“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.”