Prime Minister Sir Keir Starmer is set to pledge the removal of regulations that "needlessly hold back investment" at the International Investment Summit in London today.
This major business event will feature over £50 billion in deal announcements, nearly double the £28 billion revealed at a similar summit under the previous Conservative government. The summit follows a recent controversy where the transport secretary’s criticism of P&O Ferries reportedly jeopardized a £1 billion investment from its owner, Dubai-based DP World. However, the investment is now back on track after UK ministers and diplomats worked to repair relations.
DP World’s chairman, Sultan Ahmed bin Sulayem, is scheduled to attend the event.
The government is keen to demonstrate progress in its mission to boost economic growth, particularly as it marks 100 days in office ahead of the chancellor’s first budget on October 30. Chancellor Rachel Reeves has warned of "tough decisions" in the upcoming spending review, as Labour seeks to address a £22 billion "black hole" in public finances left by the previous Conservative government.
The government aims to show that international investment will play a key role in creating jobs, raising living standards, and improving communities across the UK. It plans to direct the Competition and Markets Authority to prioritize growth, investment, and innovation, while reviewing other regulators to reduce red tape and position the UK as a top destination for investment opportunities.
In his keynote address at the summit, Sir Keir Starmer will present the UK as a stable and attractive investment option. He is expected to say, "I will do everything in my power to galvanize growth, including eliminating regulations that needlessly hold back investment." He will emphasize that Britain has a "golden opportunity" to provide stability for investors, adding, "We have the determination and long-term focus to unlock this potential. We are focusing on investment because the mission of growth in this country demands it. Private sector investment is how we rebuild our country and pay our way in the world."
Several major financial institutions, including some of the world’s largest banks, private equity firms, insurers, and tech companies, have expressed their support for the UK economy. In a joint letter to The Times, they wrote, "We are optimistic about the future of the economy and believe it is time to invest in Britain," highlighting growth and stability in the technology and energy sectors.