The prime minister will pledge to get rid of regulation that “needlessly holds back investment” at a major business conference in London today.
The International Investment Summit will comprise more than £50bn of deal announcements – or roughly twice the £28bn unveiled at the previous comparable gathering held under the former Conservative administration, Sky News’ City Editor Mark Kleinman learned on Sunday.
It comes after a row over the transport secretary’s criticism of P&O Ferries reportedly jeopardised a £1bn investment by its Dubai-based owner DP World.
However the investment will go ahead and DP world’s chairman, Sultan Ahmed bin Sulayem, will attend the conference after a frantic effort by UK ministers and diplomats to repair relations with the company.
The government is eager to show it is making progress on its mission to deliver economic growth after marking 100 days in office and ahead of the chancellor’s first budget on 30 October.
Chancellor Rachel Reeves has warned of “tough decisions” at the spending review as Labour says it needs to plug a £22bn “black hole” in the public finances left by the Conservatives.
The government says that international investment will help with its goals to create jobs, improve living standards, and make communities and families across the country better off.
It will ask the Competition and Markets Authority to prioritise growth, investment and innovation, and will review the focus of other major regulators to “curb red tape” and put the UK “at the front of the queue” for opportunities.
DP World chief executive Sultan Ahmed bin Sulayem. Pic: AP
In a keynote speech at the summit, Prime Minister Sir Keir Starmer is expected to pitch Britain as a stable bet for investors, saying he will “do everything in my power to galvanise growth including getting rid of regulation that needlessly holds back investment”.
He will say: “We have a golden opportunity to use our mandate, to end chop and change, policy churn and sticking plasters that make it so hard for investors to assess the value of any proposition.
“We have the determination, the focus on clear long-term ends, a mission-led mindset that thinks in years, not the days or hours of the news grid, needed to unlock that potential. Do not doubt that.
“We are focusing on investment because the mission of growth, in this country especially, demands it. Private sector investment is the way we rebuild our country and pay our way in the world.”
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Five of the world’s biggest banks, private equity firms, insurers and tech giants gave a signal of support in a joint letter to The Times.
“We are optimistic about the future of the economy, and believe it is time to invest in Britain,” they said, citing greater stability and growth in the technology and energy sectors.
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Sir Keir Starmer and Chancellor Rachel Reeves. Pic: AP
Banks JP Morgan and Goldman Sachs, insurers Aviva and L&G, and private equity firms including Blackstone and KKR are among the 14 signatories.
Labour has warned of “tough choices” to come in the budget and sparked fears of further cuts after it cut back winter fuel payments to pensioners.
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There has been speculation as to which taxes could be raised in the budget after Labour committed not to increase national insurance, income tax or VAT.
Ms Reeves must also choose whether to amend fiscal rules to allow more borrowing to fund public spending.
Consumer health firm Haleon has announced a £130m investment in a new Global Oral Health Innovation centre in Weybridge, Surrey, to coincide with the summit.