Good morning from Davos, where the second day of the World Economic Forum’s Annual Meeting is getting under way.
The Labour party is launching a charm offensive to corporate leaders in Davos today.
Shadow chancellor Rachel Reeves and shadow business secretary Jonathan Reynolds are hosting a breakfast hosted by the US investment bank JP Morgan this morning.
They’ll be telling CEOs, incuding the heads of Novo Holdings, Essar Group and Ericsson, that Labour will “restore Britain’s reputation as a place to do business”, if they win the next election.
Reeves will be pushing the ‘securenomics’ concept which she presented to last autumn’s party conference, contrasting it with “14 years of stagnant economic growth and political uncertainty” under the Conservatives.
She’s expected to explain that we are living in a new age of insecurity, saying: "The world has become a more uncertain, volatile and dangerous place. That has become ever more acute in recent days and weeks as we see wars and conflict in Europe and the Middle East.
“These conflicts are happening thousands of miles away from Britain’s shores. However, they are having a very real impact closer to home, with rising energy bills, higher prices in the shops and businesses anxious about disruptions to global trade.“
"All major economies are being impacted by these global shocks, but Britain has been uniquely exposed. Fourteen years of stagnant economic growth and political uncertainty has left Britain weaker: the chaotic departure from the EU, the turmoil under Liz Truss and now the managed decline with Rishi Sunak. This instability has turned businesses away, damaged our reputation and made us a less attractive place to do business.”
And on Labour’s strategy, Reeves will explain that business investment is at the heart of our plan for growth, pledging: “With Labour, Britain will be open to business. We will restore stability and security into our economy. We will restore Britain’s reputation as a place to do business. And we will be a trusted partner with business in delivering the change our country and our economy needs.”
Later in the day, Reeves will speak on a panel organised by the World Economic Forum on Modern Supply-Side Economics.
After yesterday’s focus on Ukraine, including a call for support from Volodymyr Zelenskiy, attention will turn more to the Middle East crisis today.
We’ll hear from US secretary of state Anthony Blinken, UN secretary general António Guterres, and Iran’s foreign affairs minister, Hossein Amir-Abdollahian.
Overnight, Iran has launched airstrikes on Pakistan territory, apparently aimed at a Sunni militant group, in the latest sign of a wave of violence rolling across the Middle East and beyond.
Later in the day, Argentina’s president Javier Milei and French leader Emmanuel Macron will both give special addresses to delegates.
In the UK, inflation has risen unexpectedly.
The Office for National Statistics said annual inflation as measured by the consumer prices index (CPI) rose from the 3.9% reading in November, halting a period of recent declines.
City economists had forecast a modest fall to 3.8%.
The increase in the annual rate was largely the result of a government increase in tobacco duty, after the government announced higher taxes in the autumn statement. Tobacco prices rose by 16% on the year, as the cost of buying alcohol and tobacco added the largest contribution to inflation since 2006.
The agenda
• 10am CET / 9am GMT: A Conversation with Antony Blinken, US Secretary of State
• 10.45am CET / 9.45am GMT: Special Address by António Guterres, Secretary-General, United Nations
• 11.30am CET / 10.30am GMT: A panel discussion on “Preparing for Disease X”, including Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization and Michel Demaré, chair of AstraZeneca
• 1.30pm CET / 12.30pm GMT: A Conversation With Hossein Amir-Abdollahian, Minister of Foreign Affairs of the Islamic Republic of Iran
• 2pm CET / 1pm GMT: A discussion on “Ukraine: Unity of Purpose”, with Dmytro Kuleba, Ukraine’s Minister of Foreign Affairs, and David Cameron, UK foreign secretary
• 2.15pm CET / 1.15pm GMT: A Conversation with Mohammad Mustafa, Chairman, Palestine Investment Fund
• 3.45pm CET / 2.45pm GMT: Special address by Javier Milei, President of Argentina
• 5.15pm CET / 4.15pm GMT: Special Address by Emmanuel Macron, President of France
• 5.30pm CET / 4.30pm GMT: A discussion on Modern Supply-Side Economics: Two Years On, with Rachel Reeves
We’ll be tracking all the main events throughout the day ... |
