PM pledges to remove investment barriers at London summit

At a significant business conference in London today, the prime minister will commit to eliminating regulations that “unnecessarily hinder investment.” The International Investment Summit will showcase over £50bn in deal announcements, surpassing the £28bn revealed at the previous event under the former Conservative government.

The summit follows controversy linked to the transport secretary’s criticism of P&O Ferries, which reportedly put a £1bn investment by its Dubai-based owner, DP World, at risk. However, after extensive efforts by UK ministers and diplomats to mend relations, the investment will proceed, and DP World’s chairman, Sultan Ahmed bin Sulayem, will attend the conference.

The government aims to demonstrate progress in promoting economic growth, marking 100 days in office and ahead of the chancellor’s first budget on 30 October. Chancellor Rachel Reeves has cautioned about “tough decisions” in the spending review, as Labour faces a £22bn deficit in public finances left by the Conservatives. The government asserts that international investment will drive job creation, improve living standards, and benefit communities and families nationwide.

The Competition and Markets Authority will be asked to prioritise growth, investment, and innovation, and the focus of other major regulators will be reviewed to reduce bureaucracy and position the UK favourably for opportunities. In his keynote speech, Prime Minister Sir Keir Starmer will present Britain as a reliable option for investors, pledging to remove regulations that impede investment. He will emphasise the need for a consistent, long-term approach to unlock the nation’s potential, stating, “We have the determination and a mission-led mindset to achieve our goals.”

Britain is Open for Business. We are driving forward growth & investment with the International Investment Summit, happening today – to capitalise on emerging growth sectors including health tech and AI, clean energy and creative industries. #ukinvestment https://t.co/BHH6qtVahU pic.twitter.com/4RXK5N6xaJ

— Gareth Wynn Owen (@UKinHyderabad) October 14, 2024

Five of the world’s leading banks, private equity firms, insurers, and tech companies have expressed 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, highlighting stability and growth in the technology and energy sectors. Among the 14 signatories are banks JP Morgan and Goldman Sachs, insurers Aviva and L&G, and private equity firms such as Blackstone and KKR.

Labour has indicated “tough choices” in the upcoming budget, raising concerns about potential further cuts after reducing winter fuel payments to pensioners. Speculation continues about possible tax increases, despite Labour’s commitment not to raise national insurance, income tax, or VAT. Ms Reeves faces the decision of whether to adjust fiscal rules to permit more borrowing for public spending.

Coinciding with the summit, consumer health firm Haleon has announced a £130m investment in a new Global Oral Health Innovation centre in Weybridge, Surrey.