Prime Minister Keir Starmer will today promise to rip up the red tape that is needlessly holding back investment in a bid to galvanise economic growth.
Starmer is set to make the pledge in a speech at the government’s Inaugural International Investment Summit, which kicks off today at the Guildhall in the heart of the City of London, where hundreds of the world’s top business leaders are expected to gather in attendance.
“Where [regulation] is stopping us building the homes, the data centres, warehouses, grid connectors, roads, trainlines, you name it then, mark my words – we will get rid of it,” Starmer is expected to say.
“We will rip out the bureaucracy that blocks investment and we will make sure that every regulator in this country takes growth as seriously as this room does.”
The government will also “end chop and change, policy churn and sticking plasters”, which have deterred investors, Starmer will say, adding that: “Private sector investment is the way we rebuild our country and pay our way in the world. This is a great moment to back Britain.”
Billions of pounds worth of investments in emerging growth sectors including artificial intelligence, life sciences and infrastructure are also set to be unveiled by businesses and ministers at the summit.
Australian infrastructure giant Macquarie is reportedly set to announce £20bn of new investment in the UK at the summit, while Sky News reported that the total amount of UK investment to be pledged by businesses at the event could be as high as £50bn.
Speakers and panellists at the summit include Blackrock CEO Larry Fink, former Google chairman and CEO Eric Schmidt, ex-England manager Gareth Southgate and Aviva boss Amanda Blanc.
The conference comes on the same day that the government is expected to outline its industrial strategy to “hardwire stability for investors” and deliver growth, which businesses will be asked to help form. Microsoft UK chief executive Clare Barclay has been appointed to lead a new Industrial Strategy Advisory Council.
Newly appointed investment minister and former Darktrace CEO Poppy Gustafsson issued a rallying call to firms, arguing: “It’s never been a better time to invest in Britain. This summit is a hugely significant moment to showcase the UK’s economic strengths on the world stage.”
While London mayor Sadiq Khan, writing in City AM, heralded the event as “Britain reclaiming its reputation as a magnet for global investment”.
He said: “My message to business leaders and investors across the world is that if you are a stranger and thinking about making a home in our capital, I promise that you won’t feel like a stranger for long.”
But former City minister and Conservative MP Andrew Griffith said the Labour government has been inconsistent when it comes to supporting business.
“Labour’s policy towards wealth creating investors is as consistent as a weathercock in a gale. One minute, canapés and cocktails; the next, talk of hiking capital gains tax and crushing non-doms.”
He added: “The last minute appointment of an investment minister after a three-month gap is a proof point of just how low business really ranks in Labour’s priorities.
“Business leaders will be listening to the Chancellor with consternation.”