Rachel Reeves, the UK Chancellor, is scheduled to meet with officials from Saudi Arabia and Qatar on Monday and Tuesday, marking the first visit to the Gulf by a UK chancellor in six years. Her trip will coincide with the Future Investment Initiative (FII) in Riyadh, which is often referred to as the “Davos in the Desert.” During this visit, it is anticipated that announcements regarding trade and investment deals will be made, as the government seeks to position the UK as a stable and appealing destination for business within the Gulf Co-operation Council (GCC).
Reeves has plans to engage with senior Saudi royals on Monday before attending the FII event on Tuesday with various UK and international CEOs. The Chancellor is particularly focused on advancing trade agreements with the GCC, which comprises Kuwait, the UAE, Qatar, and Saudi Arabia, following recent trade agreements with India and the US and a renewed approach to the EU.
Amid these international efforts, a proposed Employment Rights Bill in the UK, which aims to provide workers with enhanced rights regarding sick pay and unfair dismissal from their first day of employment, has raised concerns domestically. Critics, including the Resolution Foundation and multiple business groups, warn that these new rights could deter hiring amidst a backdrop of increasing job vacancies. They argue that granting these rights immediately upon hiring might inhibit employment growth when the job market is already challenged.
On Friday, 13 business organizations, such as the CBI and Make UK, expressed their support for an amendment to the bill, suggesting that the new rights be implemented after an initial period of six months. While the government has been recognized for securing international trade deals, some believe it has not adequately addressed the concerns of domestic businesses, many of which are grappling with recent tax increases and uncertainty about future taxation. This contrast raises questions about the government’s approach to balancing international trade interests with the needs of UK businesses.
Source: https://www.bbc.com/news/articles/c9v1r7zeekro?at_medium=RSS&at_campaign=rss