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Reeves: We'll take pro-growth decisions in the national interest
Q: There’s a suggestion you will give the green light to the expansion of Heathrow airport – would that be a sign you’re prepared to take tough decisions?
Rachel Reeves says the government has already taken some tough decisions, to stimulate growth.
But she won’t speculate on what she might say next week.
But she insists that growth is the number one priority of the government, so it will take “pro-growth decisions in the national interest.”
The session begin with a question about events across the Atlantic.
Q: How vulnerable are we to a potential trade war with Donald Trump?
Business secretary Jonathan Reynolds says the UK is a globally oriented, trade-focused economy.
He says there are opportunities to expand – citing the Gulf and India.
There is also strength that comes from openness to the world, Reynolds says.
And he points out that the UK doesn’t appear to have a deficit in goods trades with the US – each country thinks it has a surplus with the other (!).
Reynolds adds:
It will be a choppy time to be a trade minister, but it’s our job to navigate through that.
Introduction: Reeves and Reynolds to discuss UK's year ahead
Good morning from Davos, where the second day of the World Economic Forum.
We’re about to hear from UK chancellor Rachel Reeves, and business secretary Jonathan Reynolds, as they hold a session with Bloomberg on “The Year Ahead for the UK”.
It’s part of a push by Reeves and Reynolds at Davos this week, to meet with CEOs and investors and tell them that “the time to invest in Britain is now”.
The Treasury say the ministers will “bang the drum for British business” at the WEF, as part of the government’s agenda for growth.
During her two-day trip to Davos, Reeves is meeting business leaders including the JPMorgan Chase chief executive, Jamie Dimon, and Jo Taylor, president of giant Canadian pensions fund the Ontario Teachers’ Pension Plan.
She received a boost earlier this week, when a survey from PwC showed the UK is the second most attractive country for investment behind the US.
Also coming up today
WEF will hear speeches from António Guterres, Secretary-General of the United Nations, which is timely as delegates here watch to see how Donald Trump pushes for peace in the Russia-Ukraine war.
Europe’s economic malaise, and the impact that AI is having on economies, will also be on the agenda.
The agenda
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8.15am CET/7.15am GMT: Rachel Reeves holds a ‘fireside chat’ with Bloomberg at Davos
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9am CET/8am GMT: A session on Russia’s future
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10.15am CET/9.15am GMT: A session on ‘Where Are Interest Rates Going?’
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11am CET/10am GMT: Chief Economists’ Briefing: What to Expect in 2025?
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11.30am CET/ 10.30am GMT: Special Address by António Guterres, Secretary-General, United Nations
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1.15pm CET / 12.15pm GMT: A session on the Rise of Economic Nationalism
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2.45pm CET / 1.45pm GMT: Special Address by Pedro Sánchez, Prime Minister of Spain
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4.15pm CET/3.15 GMT: A session on ‘Beyond Crisis: Unlocking Europe’s Potential’, with German finance minister Robert Habeck and ECB president Christine Lagarde
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5.30pm CET/4.30pm GMT: A session on AI with IMF managing director Kristalina Georgieva
