Rachel Reeves is preparing to launch a new concierge service for foreign investors amid fears her Budget tax raid will make Britain a less attractive destination for overseas money.

The Government will unveil a one-stop shop for foreign companies to make investing in the UK easier as the Chancellor seeks to cushion the blow from higher taxes on overseas investors.

Ms Reeves is planning to hit international non-doms and private equity investors with higher taxes at her maiden Budget on Oct 30, a move at odds with the Government’s bid to make the UK a more attractive destination for foreign capital.

To soften the blow, ministers will announce a remodelled version of the Office for Investment (OFI) as one of the flagship policies at next week’s International Investment summit. Around 250 senior executives are expected to attend the London summit, with Ms Reeves and Sir Keir Starmer, the Prime Minister, addressing the meeting.

The new OFI will be tasked with drumming up foreign investment into the UK and providing a concierge service for overseas investors to help them navigate Britain’s complex business environment. It will provide assistance on topics such as obtaining worker visas, opening bank accounts and advice on government planning applications.

The move is designed to show the UK is open for business and rebut the perception that Ms Reeves is targeting wealthy overseas investors in her Budget. It is also intended to reverse a decline in overseas investment as Britain becomes increasingly unloved by foreign buyers.

The number of foreign direct investment projects has fallen from 2,265 in 2016 to 1,555 last year while foreign investors pulled nearly £52bn out of projects in the UK last year, reversing the £35bn of cash ploughed into the UK in 2020.

Calls to arrest the slide have grown in recent years, with a report by Lord Harrington last year recommending a more joined-up approach across Government to lure overseas cash.

The OFI, which has 25 staff, was established in November 2020 by Lord Grimstone, who was appointed by Boris Johnson, the former prime minister. It is currently led by Daniel Gieve.

A beefed-up version of the OFI is likely to be led by the new investment minister, whom the Government is racing to name ahead of the summit. The launch of the new body has been masterminded by Gareth Davies, a former consultant who acts as permanent secretary to the Department for Business, led by Jonathan Reynolds.

Attendees of next week’s investment summit are expected to include David Solomon, the Goldman Sachs’ chief, Larry Fink, the head of BlackRock, Vis Raghavan, of Citigroup, and Filippo Gori, the EU head of JP Morgan.

Around a dozen, so-called shovel-ready projects – developments that are so advanced that construction can begin – are expected to be unveiled at the event.

A government spokesman said: “The whole of Government is focused on delivering growth and investment across the country.

“That’s why the International Investment Summit will make clear the UK is open for business. We are on track to deliver an ambitious programme with some of the most influential investors and business leaders set to attend representing the best of business across the globe.”