Chancellor Rachel Reeves will lead a delegation of senior business leaders to Saudi Arabia on Monday, aiming to deepen economic ties with the Gulf state despite human rights concerns. She is the first UK chancellor to visit the Gulf in six years and is expected to meet senior Saudi royals, US administration representatives, and global business figures.
The visit comes as the UK continues efforts to secure a trade agreement with the Gulf Cooperation Council (GCC), which also includes Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates. The government hopes a deal could add £1.6bn to the UK economy annually and contribute a further £600m to UK workers' wages in the long term.
Reeves said: 'Our number one priority is growth, so I am taking Britain's offer – of stability, regulatory agility and world-class expertise – directly to one of the world's most important trade and investment hubs.' However, campaigners have criticised the potential deal, with the Trades Union Congress urging the government not to agree deals with countries that abuse human rights and workers' rights.
Reeves will speak at the Fortune Global Forum in Riyadh on Monday and at the Future Investment Initiative on Tuesday. She will be joined by investment minister Jason Stockwood and prominent British business leaders, including the CEOs of Barclays, HSBC, and the London Stock Exchange. Trade with the Gulf is worth about £59bn a year, and the GCC deal is expected to increase trade by about 16%.
Reeves is expected to finalise a series of investments this week, as pressure mounts on her to announce tax rises in the upcoming budget on 26 November to plug a potential £30bn gap in public finances. She is expected to acknowledge 'areas of divergence and cultural differences' with Saudi Arabia, according to officials.
