\n<\/p>\n
United Kingdom Trade Secretary Jonathan Reynolds is meeting with Saudi Arabian state officials on Monday.<\/p>\n
His trip comes ahead of the government’s International Investment Summit in October where Prime Minister Keir Starmer will host 300 industry leaders \u201cto catalyse investment in the UK.\u201d<\/p>\n
Reynolds is looking to secure a trade deal with members of the Gulf Cooperation Council in Riyadh. Members of the bloc include Bahrain, Kuwait, Oman Qatar, Saudi Arabia and the United Arab Emirates (UAE).<\/p>\n
He will present the UK as \u201copen for business\u201d and highlight the country\u2019s expertise in tech, life sciences, creative industries, financial services and renewable energy.<\/p>\n
\u201cEconomic growth is this government\u2019s driving mission and boosting trade and investment with some of the world\u2019s biggest economies is crucial to that,\u201d Reynolds said.<\/p>\n
The new Labour government inherited a brittle economy from Sunak\u2019s administration.<\/p>\n
UK Chancellor of the Exchequer Rachel Reeves is facing pressure to address a \u00a322bn deficit left by the Tories. The pathways to closing that gap are narrow, given manifesto<\/a> promises of not raising income tax or VAT.<\/p>\n The Resolution Foundation, a think tank focusing on living standards of low to middle income families, suggested in a recent report that Reeves could pass a round of tax hikes without breaking campaign promises. These would target inheritances and capital gains, which would place the costs on those with \u201cthe broadest shoulders,\u201d as Labour\u2019s campaign promised.<\/p>\n The Boston Consulting Group also published an analysis of the situation. They suggested that the government could save almost \u00a320bn by 2029 by bringing 450,000 people who have dropped out of the workforce over long-term sickness since the pandemic. The measure could also increase the country\u2019s GDP up to \u00a3177bn by 2029. However, it would likely face major pushback given the country’s existing frustrations with the already tightly stretched NHS.<\/p>\n The Gulf countries already have various assets in the UK, although these have often come under scrutiny. Major involvement with national football clubs has fostered accusations of \u2018sportswashing.\u2019<\/p>\n Earlier this year, the UK government blocked a bid by an Abu Dhabi-backed group to take over the Telegraph Media Group. The deal faced backlash for its potential impact on free speech, given the UAE\u2019s track record<\/a>.<\/p>\n Manchester City football club, owned by Abu Dhabi\u2019s Sheikh Mansour bin Zayed Al Nayan, is currently facing a hearing for 115 charges of alleged breaches of the Premier League\u2019s financial rules.<\/p>\nForeign help<\/h2>\n