The UK is “not in the business of picking winners” but is focused on “building on our strengths”, Sir Keir Starmer has said, as he unveiled the government’s industrial strategy at its flagship investment summit in London.
The Prime Minister told the conference in the City of London today that the government’s focus was on “building a more strategic architecture for growth, a way for investors to have a steadier hand on the tiller”.
His opening remarks came as the government unveiled its industrial strategy this morning aimed at creating a “pro-business environment” across the country.
The plans, which firms will have until 24 November to feedback on, states: “This sets out our vision for a modern industrial strategy, a credible 10-year plan to deliver the certainty and stability businesses need to invest in the high-growth sectors that will drive our growth mission.”
Speaking to an audience of top business leaders, investors and CEOs, Starmer pledged: “We’re not in the business of picking individual winners but we are in the business of building on our strengths.”
He said businesses needed to be “match fit” and vowed that his government was “determined to repair Britain’s brand”.
The Prime Minister also reiterated his promise to “rip up” the red tape holding back growth.
“We will rip up the bureaucracy that blocks investment,” he vowed.
“We will march through the institutions and make sure that every regulator in this country, especially our economic and competition regulators, take growth as seriously as this room does.”
But he did stress that “some regulation is life saving”, citing the recent report into the 2017 Grenfell Tower fire tragedy.
Starmer was introduced by business secretary, Jonathan Reynolds, who promised attendees: “The days of the UK constantly shifting policies are over.”
Actor Adjoa Andoh, MC at the day-long event, spoke ahead of Reynolds and declared: “Britain is open for business.”
Sam Richards, CEO of Britain Remade, commented on Starmer’s speech: “The biggest block on investment in Britain is our sclerotic planning system.
“The government may have lifted the investment ban on new onshore wind, but they must go further in unlocking investment in new clean energy and transport projects.
“This can start by ensuring ministers sign off nationally significant infrastructure projects on time, something, sadly, they are not currently doing.”
He added that “far too often” planning rules slowdown or “torpedo growth-boosting investments” and “much more work needs to be done” despite the progress made in Labour’s first 100 days in power.