London, Oct 15: British Prime Minister Keir Starmer marked 100 days of his Labour Party led government by hosting a major investment summit in London to highlight that the UK is open for business and invite the private sector to pump in billions into rebuilding the country.
The International Investment Summit is pitched as an opportunity to showcase the UK’s economic strengths and demonstrate that enduring partnerships with businesses can be established through stable governance. In a keynote address at the Guildhall to open the summit, Starmer vowed to do everything in his power to galvanise growth by getting rid of regulation that needlessly holds back investment.
“Private sector investment is the way we rebuild our country and pay our way in the world. And make no mistake – this is a great moment to back Britain,” said Starmer.
“We’re a country where businesses thrive – small and large alike, with clear regulatory frameworks and protections. A legal system that sets high standards around the globe. A location which means we can speak to our colleagues in the Americas or Asia in the same day…a heritage steeped in commerce and trade. A set of shared values – centuries-long. For being a country that is open for business. You can’t put a price on any of this,” he said.
CEOs and investors from across the globe are meeting ministers and local leaders at the Guildhall with the aim of clinching billions worth of major investment deals in artificial intelligence (AI), life sciences and infrastructure. The Labour government, elected with an overwhelming majority in the July general election, stresses it has bolstered its Office for Investment, put in place a robust Industrial Strategy and founded a National Wealth Fund to catalyse investment, kickstart growth and unlock Britain’s potential.
“We are determined to repair Britain’s brand as an open, outward-looking, confident, trading nation. I see this as a diplomatic necessity, and I think it’s clear how much priority I have given it in the first 100 days of government. All around the world, whether it’s countries, or investors, people want to know that Britain can be a stable, trusted, rule-abiding partner as we always have been. But that somehow, during the whole circus that followed Brexit, the last government made a few people less sure about…We have turned the page on that – decisively; and we will use that reset for growth,” said Starmer.
He went on to confirm a GBP 1.1-billion investment to expand Stansted Airport, near London, which will enhance the airport’s terminal by a third and is expected to create more than 5,000 jobs.
DP World confirmed a GBP 1 billion investment in a so-called “London Gateway” would go ahead to create 400 new jobs and make it the UK’s largest container port within five years. It followed some controversy after the UK Transport Secretary Louise Haigh had criticised one of the company’s subsidiaries over workers’ rights.
Meanwhile, Australian firm Macquarie is promising to invest GBP 20 billion in the UK over the next five years, including an electric car charging network.
The event comes weeks before the Labour government’s first Budget, scheduled for October 30, with Chancellor Rachel Reeves set to reassure executives attending the summit that her plans for the economy were pro-business. (PTI)
