The UK has been ranked the second most favoured location for investment in a survey of global chief executives.

Consultancy firm PwC say it is the highest position the UK has achieved in the 28-year history of the survey.

It revealed that 14% of those surveyed named Britain as their preferred destination for capital expenditure., well behind the United States – cited by 30% of chief executives – but above Germany (12%) ,followed by China (9%) and India (7%).

The findings have been welcomed by Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds as they arrive in Davos for the World Economic Forum.

They will highlight the UK’s political and economic stability, despite concens being expressed by business leaders at home that the government’s tax rises are anti-business.

The government claims its “unashamedly pro-business government that is slashing burdensome regulation, launching ambitious planning reform, and leveraging our trade relationships with Europe, America, Asia, the Gulf and beyond to help businesses use Britain as their base to connect with exciting global markets.”

PwC’s findings come days after the International Monetary Fund revised its growth forecast for the UK economy upwards for next year.

The government’s Davos attendance also follows a survey from consultancy firm PwC, who on Monday ranked the UK as the second most investible location globally after the U.S. – the first time the UK has secured this position in the 28-year history of the survey.

The Chancellor and the Business Secretary will speak to a number of business leaders this week and Ms Reeves will attend a lunch hosted by the CBI with an audience of 50 senior executives from UK-based businesses and international investors.

Among those lined up for meetings are Jamie Dimon, CEO of JP Morgan, Jo Taylor, president of the Ontario Teachers’ Pension Plan, and David Solomon, CEO of Goldman Sachs.

The Business and Trade Secretary will have bilateral meetings with many of his international trade counterparts.

Ms Reeves said: “Business leaders and investors need to know that the UK is where their businesses will flourish, so I’m meeting them face to face in Davos to make our case.

“We are one of the most exciting places in the world for them to put their money, with a history of innovation, a skilled workforce and a stable government that backs business.

“I will not rest until the UK economy is growing and this government is delivering on its Plan for Change, so we can put more money in people’s pockets. The time to invest in Britain is now.”