Around 200 international and UK business leaders are descending in London’s Guildhall for Prime Minister Keir Starmer’s International Investment Summit today (October 14). The event, at which investments worth billions of pounds will be announced, comes as the PM marks a tumultuous first 100 days of leadership.
Starmer will vow to get rid of regulations holding back growth as he tells executives he will “rip out the bureaucracy that blocks investment” in his keynote speech.
Go deeper with GlobalData
Former Google Chair Eric Schmidt, Goldman Sachs CEO David Solomon, BlackRock chief Larry Fink and GSK CEO Emma Walmsley are some of the big names expected to attend.
There were questions over why Elon Musk had not been invited to the summit, following his controversial comments regarding the riots during the summer. Technology Secretary Peter Kyle said that Musk would have been “very, very welcome if he had an open investment programme that we could have latched on to.” He added that if an investment opportunity from Musk arose and there was global competition, the UK would be the first in line.
The summit will be a welcome opportunity for Starmer’s government to highlight some concrete gains from his first 100 days in office. The PM’s first few months have been clouded by the breakout of riots in the summer, a row over donor ‘freebies’, the resignation of his chief of staff Sue Gray and cuts to winter fuel payments. Simultaneously, he has been trying to attract investments by framing the UK as “open for business.”
Starmer is expected to tell attendees his government “will rip out the bureaucracy that blocks investment and […] make sure that every regulator in this country take growth as seriously as this room does.” The PM has repeatedly said his number one priority is wealth creation.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataTechnology Secretary Kyle assured that looser regulations will not mean “cutting corners” and lowering standards.
However, the summit also comes on the heels of government friction with major investors. Last week, Transport Secretary Louise Haigh criticized P&O Ferries’ owner, Dubai-based DP World, for “fire and rehire” practices. Haigh was announcing new legislation aimed at protecting seafarers and said the company was a “rogue operator” and called for a consumer boycott.
As a result, the company rolled back an announcement regarding a £1b investment in its London Gateway container port.
Over two years ago, P&O fired 800 British seafarers and replaced them with less costly foreign workers. The firm’s leadership said the move was needed to save the company from collapse.
Number 10 was quick to separate themselves from Haigh’s comments and said, “We welcome P&O Ferries’ commitment to comply with our new seafarer’s legislation.” Business Secretary Jonathan Reynolds also assured that the investment would go ahead and that Haigh’s comments were not reflective of the government’s stance.
“It’s not the government’s position to boycott them, but we are clear, we do not want this country competing on fire and rehire. We are changing that,” he said to the BBC.
Reynolds travelled to Saudi Arabia in September to meet with members of the Gulf Cooperation Council in a bid to secure investments.
