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The huge announcement will be mainly targeted at boosting sectors such as life sciences and electric vehicle production. The Chancellor will also outline plans to attract highly skilled foreign workers and change regulations aimed at making the path for international companies to relocate to the UK much smoother. Overseas firms with “strategically important” investment proposals will be provided with grants to help boost their schemes, once they have been assessed to ensure they provide value for the UK taxpayer.

Mr Sunak said: “We want to make the UK the best place in the world to start, grow and invest in a business, as we continue to support enterprise, create jobs, and level up as we recover from the pandemic.”

Boris Johnson’s Government want to introduce new rules that would make it easier for foreign companies to move to the UK.

A change in the rules would bring it on a par with with likes of Canada, New Zealand and Switzerland.

Last week, the Tory Government hosted some 200 business leaders in London for a global investment summit.

It included a dinner with the Prime Minister for the 20 most influential business leaders.

This was followed by a reception with the Queen a Windsor Castle as part of plans to persuade multinational companies to get involved in the UK.

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