Business

Britain plots rival summit to Davos to woo international elite

Britain is drawing up plans for a two-yearly funding summit that will rival Davos amid considerations from Downing Street that the Switzerland gathering has change into a celebration city.

The Government is within the early levels of placing collectively the summit anticipated to be launched in autumn 2023 after Davos was shunned by many prime political and business leaders this year.

Ministers haven’t selected a location for the summit to woo international funding into the UK however plan on holding it at a two-yearly interval, although no last resolution has been made.

The UK didn’t ship any of its prime ministers to the World Economic Forum in Davos this year and a lot of regulars from finance, together with JPMorgan boss Jamie Dimon and Goldman Sachs chief David Solomon, have additionally not proven up.

Only one G7 chief, German Chancellor Olaf Scholz, is attending this year, whereas Boris Johnson and Rishi Sunak, the Chancellor, have stayed away as they draw up plans to alleviate the cost-of-living disaster. 

Government insiders really feel that the WEF summit is dropping its method and has change into a celebration city. They insisted the UK occasion wouldn’t change into a “mini Davos” and ministers need it to be extra of a severe funding summit gathering the most important names in business moderately than an annual bash for the worldwide elite. It comes after the success of the Global Investment Summit within the UK final year the place virtually £10bn was dedicated in new international funding.

A Government supply mentioned Davos “is very different to what it used to be” however that it was nonetheless a helpful summit to entice funding into the UK.

One FTSE 100 chief govt, beforehand an everyday Davos attendee, mentioned he had been involved with Downing Street in regards to the plans.

He mentioned: “It’s an awesome concept. Davos has change into too nebulous and distant from actual business points.

“A regular event that brings only the real movers and shakers to London could have a massive impact.”

This year’s Davos summit was delayed from January to this week due to the omicron surge nevertheless it has attracted far fewer prime business and political leaders.

The UK despatched funding minister Lord Grimstone and COP26 President Alok Sharma.

It comes as different international locations strive to topple the World Economic Summit’s crown because the world’s prime occasion for finance. Saudi Arabia has held a summit nicknamed “Davos in the desert” to attempt to lure in funding.

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