Chancellor Rachel Reeves will announce plans to refund visa fees for some global businesses as she flies to the World Economic Forum in Davos on Tuesday, aiming to attract 'trailblazer' investment to the UK. The changes are intended to encourage global firms to bring highly skilled staff to Britain, including refunding fees and speeding up the process to qualify as a sponsor of migrant workers.
Reeves, accompanied by Business Secretary Peter Kyle, will hold meetings with business leaders at the Swiss resort. She will stress Labour's investment in industry, including steel and clean energy, and the commitment to renew transport infrastructure in northern England. 'Some countries give you a platform, but Britain gives you momentum. My message at Davos this week is clear: choose Britain – it’s the best place in the world to invest,' she said in pre-released remarks.
The chancellor's upbeat message comes amid tensions over US tariff threats. Donald Trump, attending Davos with the largest ever US delegation, is expected to give a keynote speech on Wednesday. His Treasury secretary, Scott Bessent, may face questions over US tariff plans. Reeves pulled out of a London Stock Exchange event on Monday intended to celebrate a 'new golden age' for the City, as markets wobbled over Trump's threat to impose tariffs on eight European countries, including the UK.
While focusing on global tech companies, Reeves may also face questions on a support package for hospitality businesses, aimed at cushioning the blow of business rate changes from her November budget. Over 130 hotel providers, including Butlin’s, Hilton, Marriott International, and Travelodge, wrote to the chancellor warning that rate rises threaten investment and jobs, urging a solution. Ministers have promised measures for several days but have not published details.
