Keir Starmer then tells international investors they shouldn’t be worried about Labour’s employment rights bill, introduced last week.
Let me be clear, they are “pro-growth”, Starmer insists.
Workers with more security at work, with higher wages, is a better growth model for this country, he points out, and will bring much-needed dynamism to the economy.
Key events
Starmer is now holding an “in conversation” event with former CEO and chairman of Google Eric Schmidt, moderated by the CEO of GSK Dame Emma Walmsley
Walmsley starts by asking about competitiveness, saying:
Q: How will we make sure that the costs of doing business in Britain, and the regulatory environment, are competitive, compared to the G7 and the rest of Europe?
And taking a long-term view, what do you most want to achieve for businesses on your watch to encourage them to bet on Britain?
Starmer starts by criticising the ‘sticking plaster’ politics of the previous government, saying he is leading a mission-driven government – and the number one mission is economic growth.
That provides a ‘yardstick’ for taking decisions.
Secondly, he again cites Labour’s chunky majority in parliament – meaning there is stability, decisions taking today can be measured in ‘years, not months’, and there’s power to take difficult decisions.
He says he wants to champion the brilliance of the UK economy, and remove the ‘inhibitors’ such as planning.
It takes far too long to get decisions on planning, measure in years not months. We’ve got to streamline that, and we’ve already started.
On regulation, Starmer says the ‘volume’ of regulation, and the number of regulators “pulling away” at issues, is a problem that needs to be stripped away.
He also cites the appointment of ex-Darktrace CEO Poppy Gustafsson as UK investment minister, last week (just in time for the summit).
Starmer adds that he wants a partnership between a ‘mission-driven government’ and the private sector.
That means working together, where the government can clear the path to help companies succeed.
As flagged this morning, Starmer then pledges to “look at regulation”, and remove rules that are holding back investment.
The PM says:
“Where it is stopping us building the homes, the data centres, the warehouses, grid connectors, roads, trainlines, you name it…. then mark my words, we will get rid of it.
He cites the example of the East Anglia Two windfarm, where regulators demanded 4,000 documents (not simply pages) when assessing the proposal…. Once it was finally signed off, it was held up by other two years by a judicial review.
That will deter investors from the UK, Starmer says, adding:
It’s time to upgrade the regulators’ regime, and make it fit for the modern age.
Starmer says the government will “march” through the regulators, and makes sure they take growth as seriously as the investors in the room today.
The door is open for business leaders to voice concerns to Starmer and his team, the PM adds.
He concludes:
It’s time to back Britain.
Keir Starmer then tells international investors they shouldn’t be worried about Labour’s employment rights bill, introduced last week.
Let me be clear, they are “pro-growth”, Starmer insists.
Workers with more security at work, with higher wages, is a better growth model for this country, he points out, and will bring much-needed dynamism to the economy.
Starmer then runs through four crucial areas for his plan (admitting that CEOs prefer lists of three, not four)
1) Stability. He says there is a ‘golden opportunity’ to end the era of chop and change, citing his large majority won in July.
2) Strategy. Building a ‘more strategic architecture’ for growth, including the creation of a national wealth fund and Great British Energy, and the recent pledge to fund carbon capture and storage projects.
Starmer says his government is not in the business of picking individual winners, but ti does want to build on its strengths.
Verging into sporting metaphors, he says he wants to make UK businesses match-fit, by:
Mowing the grass on the pitch, making sure the changing rooms are clear and comfortable, the training ground is good.
The new industrial strategy is fundamental to the plan, Starmer says.
3) Britain’s global standing. Starmer says “We’re determined to repair Britain’s brand as an open, outward-looking, trading nation”, so people know it’s a stable, trusted, rule-abiding partner.
Starmer says that somehow, in “the circus after Brexit”, the last government “needlessly insulted our closest allies”.
There were also a few “choice Anglo-Saxon phrases for businesses”, Starmer reminds his audience (a reference to Boris Johnson’s notorious “fuck business” retort to employer concerns about a hard Brexit).
4) Regulation. Starmer says he doesn’t see it as good or bad, that’s “simplistic”.
He points out that the tragedy at Grenfell Tower showed the importance of regulations.
But he accuses the previous government of hiding behind regulators, and deferring decisions to them because it was weak or indecisive, or just not committed to growth.
Starmer then points out that the UK has problems too.
The public sectors need urgent care, while the public finances need the ‘tough love’ of prudence (chanelling Gordon Brown there).
We will fix the public services and stabilise the economy, quickly, he promises.
We don’t want any of the problems associated with our inheritance misting up the shop window of Britain.
Starmer turns to the issue of stability, saying
“It’s not just that stability leads to growth, though we all recognise that.
It’s also that growth leads to stability. Growth leads to a country that’s better equipped to come together and get its future back. And that’s why it’s always been so critical to my political project.
The key ingredient of that great moderation that we became accustomed to before the financial crash, but which together, in partnership, we have to earn again.
Everyone invited to the summit is here for that reason, Starmer says
Private sector investment is the way we rebuild this country and pay our way in the future.
This is a great moment to back Britain, he insists – to back England, Scotland, Northern Ireland and Wales.
He cites the “amazing” education sector, the largest tech sector in Europe, a leading position in ley sectors such as artificial intelligence, clean energy, the creative industries.
A legal system that sets high standards around the globe, and a geographical location that means we can speak to colleagues in the Americas and in Asia in the same day.
Starmer continues, saying that we live in an age where political fires rage across the world – conflict, insecurity, and “a populist mood” that opposes the open values that “many of us” at the investment summit hold dear.
And yet, we also live in an “age of great possibility”, he argues, with businesses making investments, in areas such as digital technology, clean energy, medicine, life sciences.
Each have the potential to change how we live, and to improve the lives of working people, the PM says.
Starmer then argues that you can “stops a country turning in on itself” if you provide the benefits of growth to people., saying:
In times like this, economic growth is vital – as it always been – if we’re to steer our way through a great period of insecurity and change and onto calmer waters.
The shared ambition at today’s investment summit is growth, Keir Starmer says.
Business leaders have to grow their business, while the PM has to grow the country.
The “shared endeavour” of prosperity is what binds investors and the government together, he insisted.
Starmer says he’s determined that the UK becomes the highest growing economy in the G7 – that’s the way to deliver the change he has promised.
Sir Keir Starmer now takes the stage at the Investment Summit.
He says it’s fantastic to see so many attendees at the new government’s first summit.
Some investors have flown a long way to come to the Guildhall, the PM says, to share the “precious gift” of your time.
He tells investors that he briefly pursued his education on the flute at the nearby Guildhall School of Music, with “long hair and very flared jeans”.
Starmer says all photographic evidence has been destroyed (if you know better, get in touch!).
Jonathan Reynolds wraps up by telling investors that Britain is making a “world-beating offer” for those who make the UK their investment destination of choice.
He hopes they will leave “inspired”, and confident that the UK has a government that wants them to be at the forefront of our new, pro-innovation, pro-business, pro-wealth creation economy.
Here’s a live feed of the key speeches at today’s International Investment Summit:
Business secretary Jonathan Reynolds adds that the UK government is guided by four key principles:
Building long-term stability
renewing its commitment to free and fair trade
cutting costs for investors
working in partnership with business and trade unions
He tells the investment summit:
Our industrial strategy will create long-term, sustainable, inclusive and secure growth.
The strategy will focus on eight areas, Reynolds adds: advanced manufacturing; clean energy industries, creative industries; defence; digital and technologies; financial services; life sciences; and professional and business services.
Business secretary Jonathan Reynolds is opening today’s International Investment Summit at Guildhall.
Reynolds declares that the UK is “back”, “back at the global table”, and open for business.
The UK has so much potential, Reynolds says, citing the open economy, legal protections, incentives for innovation, and a skilled workforce.
Naomi Smith, chief executive of campaign group Best for Britain, hopes that Keir Starmer’s war on bureaucracy will address some of the hurdles created by Brexit, saying:
“Cutting red tape must include the mountain that Brexit has created for almost every part of the UK economy but particularly SMEs, touring performers and export/import businesses.
“Beneficial alignment with our largest market in areas like food standards and carbon taxes will reduce costs for businesses and consumers, give confidence to investors and boost growth.”
Major CEOs and investors arriving at Guildhall are being whisked through the front door, with umbrella carriers protecting them from the London weather (it’s pretty wet today, again).
We are delighted that Guildhall is today welcoming delegates to the Government’s International Investment Summit. Discussions are set to focus on what the UK needs to do to build on its position as a leading destination for international capital. #UKInvestment pic.twitter.com/zJJ2tCoPWb
— City of London (@cityoflondon) October 14, 2024
Journalists, though, are being let in through the loading bay entrance, points out The Sun’s Ashley Armstrong:
A fitting entrance for us riff raff journos to the investment summit. Keeping us firmly in place.
The big hitters get to walk through Guildhall glamorous main doors with umbrella carriers pic.twitter.com/Q9X4JycDHL— Ashley Armstrong (@AArmstrong_says) October 14, 2024
Logistics giant DP World has confirmed that it will invest £1bn to expand its London Gateway container port, after the row with transport secretary Louise Haigh was defused by Downing Street.
The expansion, announced at today’s investment summit, will turn London Gateway, on the banks of the Thames in Essex, into Britain’s “largest container port within five years”, DP World says.
The plan is to build two new shipping berths, taking the total to six berths, all large enough for the world’s biggest container ships. This will expand the quayside at London Gateway to more than 2.5km in length.
The site will also get a second rail terminal added to handle the expected increase in containerised trade.
The pledge follows the frantic effort by ministers and diplomats to repair relations with DP World, after Haigh called its P&O Ferries division a “rogue operator” when announcing new workers’ protections this week.
DP World say the expansion will create a further 400 permanent new jobs, on top of the 1,20 workers already employed at the former oil refinery. It points out, though, that the expansion is subject to planning approval and regulatory requirements,
Sultan Ahmed bin Sulayem, chairman and chief executive officer at DP World, says:
“DP World London Gateway will help make Britain’s trade flow in the future by connecting domestic exporters with global markets and delivering vital supply chain resilience for the whole economy.
I am proud of this major investment which underlines DP World’s long-term commitment to the UK.”
Photos of a meeting at the investment summit have landed.
They show global co-chief investment officer of Blackstone Lionel Assant, and Ruth Porat, the chief investment officer of Google, with Porat alongside Keir Starmer:
Q: Most investors will tell you, in private, that the biggest barrier for the UK is being outside the single market. Wouldn’t rejoining the single market be the brave thing to do?
Peter Kyle argues that the UK and Europe have to look to the future, and explore their potential as two seperate territories.
There are lots of opportunities, and barriers, that weren’t around in 2016, Kyle says, adding:
We’re looking at a trade deal that explores all the opportunities going forward.
Kyle then explains how he visited Seattle in February this year, pitching Labour’s plans to the head of Amazon Web Services.
That led to AWS’s announcement of £8bn investment in Britain last month, he says:
And on Elon Musk’s non-appearance at the summit, Kyle doesn’t explicitely say whether the Tesla/SpaceX chief was ever invited or not, before the row over his critical tweets this summer.
Kyle says the government would “love to engage” with Musk, when he has an open investment programme to compete for.
And thanks to all you for being here… It’s fantastic to stand here and look out and see so many of you here… And I’m really grateful that you have ma
Taylor Swift had to cancel her scheduled Eras Tours shows in Vienna earlier this year due to a suspected terror plot aimed at her fans, aka ‘Swifties.’ Au
The run-up to the conference has been overshadowed by a row over comments made by a minister about P&O Ferries.A £1bn investment in the London Gateway cont
Frantic negotiations over the weekend saved the attendance of DP World at a UK economic summit after adverse comments threatened to scupper the event.
