The government’s failure to appoint an investment minister nearly 100 days after taking power is “totally ridiculous”, the former holder of the office has said, as ministers scramble to finalise plans for their landmark investment summit next week.
The Global Investment Summit, taking place in London on Monday, had been planned this year as a pitch to global investors to showcase the appeal of Britain under Labour.
However, the conference has reportedly been beset by troubles and overshadowed by the government’s failure to appoint an investment minister since winning the election in July.
Central to the brief of investment minister is courting international investors and banging the drum for Britain on the international stage.
Lord Dominic Johnson, the Tory peer and co-founder of now defunct investment house Somerset Capital Management, who held the role in Rishi Sunak’s government, has criticised the lack of appointment and urged business to “step up and serve their country.”
Not having a Minister for Investment 100 days into office is “totally ridiculous” and “clearly they’ve tried to fill it,” he added.
Andrew Griffith MP, the Conservative MP and former Downing Street business adviser involved in delivering previous investment summits, said there was a “lack of seriousness” about the summit and questioned the timing of of the event “weeks before international investors face a reported budget mugging from Rachel Reeves”.
“For three months there’s been a vacant sign where the Investment Minister should be whilst government ministers have been re-announcing deals agreed by their predecessors,” he said.
A source close to Downing Street said they were “90 per cent certain” the appointment of a businessperson to the role and their elevation to the Lords would be announced before the weekend, Sky News reported yesterday.
However, the vacancy is adding to questions over the organisation of the summit and risks undermining the pitch to global investors. Financiers including Blackrock chief Larry Fink, and Bruce Flatt, CEO of Brookfield, are said to be planning to attend the event.
Starmer mounted a defence today and said that “hundreds” of chief executives were planning to attend the conference and he was confident of investment announcements in the weeks to come.
Senior business figures have reportedly voiced their concerns over the logistics of the summit and its timing two weeks before the budget.
“It’s the wrong way round,” said Stephen Phipson, the chief executive of manufacturing body Make UK, told the Guardian in September. “There is a concern about the timing, coming two weeks before the budget.”
He added that people “will want to know what the government’s priorities are before committing investment.”
Downing Street has been contacted for comment.