Growth ‘driven by private sector’, Chancellor tells small business bosses

The Chancellor has met with small business leaders at Downing Street as the Government continues its drive to attract fresh investment into the UK economy.

Rachel Reeves gathered chief executives, investors and founders at No 11, a day after London’s International Investment Summit which saw businesses commit to invest £63 billion across various deals.

Ms Reeves was set to say that she was “under no illusions” that growth in the economy is “driven by the private sector, and by entrepreneurs like those in the room tonight”.

“So my message to you is simple,” she is expected to have told those at the reception.

“We will do all we can to see you succeed; for jobs, for opportunities, and for growth.”

The summit was partly intended to give small businesses and female entrepreneurs an opportunity to network with leaders from the investment community as well as Government and trade body bosses.

The Treasury said bringing more investment into the UK economy will help address a shortfall in funding for women-led businesses.

The co-founder of self-driving vehicle firm, Wayve, and boss of cultivated meat producer, Uncommon, were expected to be in attendance.

On Monday, Ms Reeves told the world’s biggest businesses they can look forward to a “true partnership” with the new Government as it committed to boosting growth.

Some £63 billion worth of investment was confirmed at the summit, including ports giant DP World committing to spend £1 billion in its London Gateway container facility, and Imperial College London announcing £150 million for a tech innovation project in West London.