In Europe, Lord Sassoon added, there is a proposal for a financial transaction tax, which the UK will not accept it.

“It has to be discussed in the usual European process in the Council of Ministers. There is a perception that it will reduce European growth, and the last thing anybody should come forward with is such a proposal that reduces European growth,” he said, adding that the UK will not support it. Yet, he indicated, if it is adopted globally, maybe UK will accept it, but he believes this is not likely to happen.

The UK’s decision to be out of the euro zone has left many commentators to believe that “we are in a much better position.”

Lord Sassoon indicated the current government is not going to take the UK into the euro zone, and not making any preparations to do that at any point.

He said the UK currency adjusts in line with what the market wants.

It has its own deficit reduction plan in hand and is not compromised in anyway by concerns of the market of a wider currency, which puts it in a strong position, Lord Sasson said.

On the other hand, Chair of the Arab British Chamber of Commerce and Co-Chair of the Saudi-British Joint Business Council (SBJBC) Baroness Elizabeth Symons talked about the traditionally strong Saudi-British relations.

“As we have worked closely together through the SBJBC since 1995, we have managed to understand each other’s position much better on trade and investment - not only the traditional areas of trade but human capital as well,” said the Baroness.

Mentioning the major strides the Kingdom is making toward investing in human capital through schools, universities, training colleges and vocational training, which have given the UK a large share of participation, the Baroness said: “Health is another great area for cooperation between the two kingdoms. Helping in supporting the Kingdom’s prosperity, through trade and investment helps better all our lives, which leads to stability in all countries. Trade and investment go hand in hand with stability and peace,” the Baroness said, adding that investing in human capital is the future of any country.

The delegation, which also includes Lord Marland, minister for climate change and chairman of the UK Trade and Investment Business Ambassadors Network, arrived on Sunday.

The two-way trade in goods and services between the UK and Saudi Arabia exceeded $9 billion in 2010.