UK Chancellor Announces £240m Spanish Investment, Visa Waiver

UK Chancellor Rachel Reeves arrived in Madrid on Wednesday for her first official visit to Spain, announcing a 240 million pound investment from Spanish liquid storage company Exolum and a new work visa waiver aimed at easing trade between the two nations.

The investment, focused on expanding Exolum's UK infrastructure for liquid storage and logistics, underscores growing commercial ties amid Reeves' push for stronger European partnerships. During the visit, Reeves is scheduled to meet with 120 Spanish businesses and investors to discuss opportunities for collaboration. She will also hold talks with her Spanish counterpart, Economy Minister Carlos Cuerpo, to formalize the visa waiver, which exempts UK services professionals from needing work permits for trips to Spain lasting fewer than 90 days. According to the Treasury, this measure could generate an additional 250 million pounds in exports for UK firms over the next five years by simplifying short-term business travel.

The announcements follow a speech Reeves delivered on Tuesday at the Mais Lecture in London, where she outlined the UK government's strategy to align more closely with European Union regulations. She argued...