Euroviews. Standing open-armed, UK is choosing investment over decline

In my first budget as UK Chancellor of the Exchequer, I vowed to restore economic stability and kickstart a decade of national renewal. Economic growth is the number one priority of this British government.

A huge part of my job is to promote the UK as a place where people — including European businesses — “invest, invest, invest”.

Our International Investment Summit in October resulted in nearly 38,000 jobs set to be created across the UK thanks to a total of £63 billion (€75.4bn) in investment commitments from businesses around the world to drive sustainable growth. A vote of confidence in the UK.

A UK built on the rock of economic stability is a UK that is a strong and credible international partner.

In my maiden speech at Mansion House in the heart of the City of London last week, I made clear how this government will drive growth and investment in the UK.

I directly addressed an audience of bankers, business leaders, and financial professionals, telling them that we would work hand in glove with the financial services sector — the engine of the wider economy — to power the UK into a new age of prosperity.

But we will be anything but inward-looking in achieving this. I want to reset the UK’s relationship with the European Union and our other international partners.

We are economically and commercially intertwined. In the year to June 2024, 41% of all UK exports of goods and services were to the EU — totalling £352 billion (€421.4bn) — and over half of all our imports were from the EU.

But there is always more to do and the right conversations have started. I hosted European Commissioner Mairead McGuinness in the Treasury in September to discuss opportunities for future collaboration and look forward to working with her