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Starmer to pledge to scrap regulation to woo investors at business summit

14 Oct 2024 3 minute read
Prime Minister Sir Keir Starmer. Photo Henry Nicholls/PA Wire

Sir Keir Starmer will pledge to get rid of regulation that “needlessly holds back investment” at a major business conference on Monday.

The Government is expected to unveil investment deals worth billions in AI, life sciences and infrastructure at its first International Investment Summit.

A row over criticism of P&O Ferries that reportedly jeopardised a £1 billion investment by its Dubai-based owner DP World has been smoothed over, with the company saying it will attend the conference.

Economic growth

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 October 30.

Chancellor Rachel Reeves has warned of “tough decisions” at the spending review as Labour says it needs to plug a £22 billion “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.

Stable bet

In a keynote speech at the summit, Sir Keir 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.”

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.

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 £130 million investment in a new Global Oral Health Innovation centre in Weybridge, Surrey to coincide with the summit.


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Mab Meirion
Mab Meirion
10 hours ago

Another bonfire ?

Ask the Grenfell folks to proof read it first, eh!

Did anyone see Paget-Brown’s name in the report ?

Last edited 10 hours ago by Mab Meirion
A.Redman
A.Redman
10 hours ago
Reply to  Mab Meirion

“We will follow the fiscal rules” “Sorry ,my mistake .We will adapt the to suit our own plan”.When those attending the conference learn about Iincreasing Employer NI and Worker’s Rights Laws,will they be quite so keen?

Mab Meirion
Mab Meirion
9 hours ago
Reply to  Mab Meirion

Memo to Lammy, cast your eye over the West African island of Annobon, they need an international lawyer to come to their aid…

Interesting history re. the later years of the slave trade, as has Equatorial Guinea its self…

includemeout
includemeout
9 hours ago

I suppose “we are putting the UK at the front of the queue for private sector investment opportunities” sounds better than “spare any change, guv”.

Mab Meirion
Mab Meirion
8 hours ago

Memo to John Healey Defence Minister

Re. RFA Fort Victoria, this important and ‘unique’ replenishment vessel has been unable to accompany HMS Prince of Wales due to a lack of crew!

What on Earth is going with our Navy … a statement to the House and the people is needed…

Barnaby
Barnaby
7 hours ago

A small container port and rail freight terminal at Milford Haven might make sense if it’s quicker for some loads than running all the way to Southampton or London Gateway.

Mab Meirion
Mab Meirion
6 hours ago

He don’t get it, he never will…this is our Clark of Kent…

Charles Coombes
Charles Coombes
2 minutes ago

Define and expand. Sounds like a bad idea to me

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