UK government ministers reportedly plan major shake-up of country's inward investment strategy

(MENAFN) In a significant move to bolster Britain's efforts to attract foreign investment, government ministers are reportedly planning a major shake-up of the country's inward investment strategy. This initiative comes just days before an upcoming summit aimed at showcasing the United Kingdom as "open for business."

Sky News has learned that officials are working on proposals to merge the Office for Investment, a collaborative effort between the Department for Business and Trade and Number 10, with other Whitehall units. The goal is to establish a more robust cross-government investment agency, which some insiders suggest might be named "InvestUK." While it remains uncertain whether this new entity will formally take shape around the existing Office for Investment, discussions are focused on creating a more cohesive and effective structure to attract investment.

This revamped agency aims to address ongoing criticisms of the United Kingdom's inward investment strategies, which have faced scrutiny in recent years. The announcement is expected to coincide with the International Investment Summit in London, scheduled for a week from Monday, where government officials will seek to highlight the United Kingdom’s appeal to international investors.

The timing of this announcement is particularly significant as it follows closely behind the upcoming budget presentation by Rachel Reeves, who will deliver her first budget as chancellor on October 30. Her fiscal decisions regarding corporate and personal taxation will be under intense scrutiny, as they will be pivotal in determining whether the government's pro-enterprise and pro-investment rhetoric aligns with practical policy measures.

In a show of commitment to the summit, three of Britain’s largest high street banks—Barclays, HSBC, and Lloyds Banking Group—have agreed to become principal sponsors, each contributing EUR175,000. The event is anticipated to attract over 150 business leaders and financiers from around the globe, underscoring the United Kingdom's intent to reinforce its position as a prime destination for investment.

As the government moves forward with its plans, the forthcoming summit will serve as a critical platform to promote the UK’s investment opportunities and address the structural changes within Whitehall designed to enhance the country’s attractiveness to foreign investors. The outcome of this initiative will be closely watched as it could set the tone for the future of Britain’s economic landscape.

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