Prime Minister promises to eliminate bureaucratic barriers to attract global investment while facing scrutiny from trade unions

Keir Starmer, the Prime Minister, is set to announce a significant commitment to reducing regulatory burdens as he hosts a major investment summit in central London, aiming to attract global business leaders to the UK. In a keynote speech scheduled for Monday, Starmer will assert that the government intends to “rip out the bureaucracy that blocks investment,” a move he believes is essential for fostering economic growth in the country.

The summit, which gathers hundreds of top executives from major corporations, follows a challenging lead-up, marked by a public dispute with the Dubai-based owner of P&O Ferries. In his address, Starmer will highlight the need to reevaluate existing regulations that he claims hinder crucial infrastructure projects, stating, “Where it is stopping us building the homes, the datacentres, warehouses, grid connectors, roads, train lines, you name it, then mark my words – we will get rid of it.”

The Prime Minister’s call for deregulation aims to project stability and low regulatory barriers to entice foreign capital. This aligns with recent government efforts that have already secured billions in investments from major players, including Amazon and Blackstone. Among the high-profile speakers at the summit are Ruth Porat, president of Alphabet (Google’s parent company), David Ricks, CEO of Eli Lilly, and Larry Fink, CEO of BlackRock.

In preparation for the summit, the government has begun implementing reforms to the planning system, including easing restrictions on onshore wind farms and streamlining the process for building on green belt land. Starmer’s comments suggest an intention to extend these deregulatory efforts, although No. 10 has not specified which regulations might be targeted for removal. Officials indicate that they plan to review the mandates of significant regulators, such as the Competition and Markets Authority, to prioritise growth.

In tandem with the deregulatory agenda, Chancellor Rachel Reeves is expected to unveil a green paper outlining the government’s industrial strategy, aimed at nurturing eight key growth sectors. This comprehensive approach is part of Starmer’s broader objective to position the UK as an attractive destination for investment.

In a ceremonial highlight of the summit, attendees will be invited to a reception at St. Paul’s Cathedral, which will also feature King Charles. Starmer will articulate the government’s vision, declaring, “We are focusing on investment because the mission of growth in this country especially demands it. 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.”

SKY NEWS

Prime Minister Sir Keir Starmer is set to address the International Investment Summit today, promising to eliminate regulations that he claims “needlessly hold back investment.” This significant event in London is expected to showcase over £50 billion in deal announcements, nearly doubling the £28 billion reported at the previous summit held under the Conservative government.

Starmer’s appearance comes in the wake of a controversy involving Transport Secretary Mark Harper, whose critical remarks about P&O Ferries were said to threaten a £1 billion investment by its owner, Dubai-based DP World. Despite the tensions, DP World’s chairman, Sultan Ahmed bin Sulayem, confirmed attendance at the summit, signalling a resolution to the situation after UK ministers and diplomats worked to mend relations with the company.

As Starmer marks 100 days in office, his government is keen to demonstrate progress in fostering economic growth, especially with Chancellor Rachel Reeves preparing for her first budget on 30 October. Reeves has indicated that “tough decisions” are necessary to address a £22 billion deficit in public finances inherited from the previous Conservative administration.

The Labour government is promoting international investment as a critical strategy to generate jobs, enhance living standards, and improve the welfare of communities across the UK.

FINANCIAL TIMES

Prime Minister Sir Keir Starmer is set to address the International Investment Summit today, pledging to streamline regulations and bolster the UK’s attractiveness for investment. Speaking to business leaders in London, he will urge Britain’s competition watchdog to adopt a more lenient approach, asserting that Labour’s recent electoral victory will provide the political stability needed for companies to commit to new projects.

Starmer aims to announce over £50 billion in private sector investments, covering sectors like artificial intelligence, life sciences, and infrastructure. This total includes £24 billion in green investments disclosed last week and a significant £20 billion commitment from Australia’s Macquarie Group for electric vehicle charging networks and offshore wind initiatives.

Highlighting the need for a supportive regulatory environment, Starmer stated, “We will rip out the bureaucracy that blocks investment.” He emphasised the importance of stabilising policies to attract investment, urging regulators to prioritise growth alongside their other responsibilities.

Concerns have arisen regarding the UK’s Competition and Markets Authority (CMA), which critics argue has hindered major deals and tarnished the country’s business reputation. Starmer’s administration plans to articulate new priorities for the CMA in an industrial strategy green paper, aiming to reshape its role in fostering investment and innovation.

The summit follows some discontent among business leaders regarding the event’s organisation, reflecting the challenges Starmer faces in aligning government policies with business expectations.

BBC

The International Investment Summit in London is generating significant attention among UK media, with major banks and companies advocating for renewed investment in the UK. The Times features the headline “Big money says time is right to buy into Britain,” reflecting a growing confidence among investors.

Conversely, The Daily Telegraph warns that Prime Minister Sir Keir Starmer’s potential job-related taxes could deter businesses, as highlighted in their front-page headline: “PM’s tax on jobs ‘will scare away business.'” This sentiment echoes concerns from City leaders about the economic implications of proposed fiscal changes.

The Guardian focuses on Starmer’s commitment to reducing bureaucratic hurdles for investors, with the headline “Safety fears as Starmer pledges to slash red tape for investors.” This raises questions about whether such deregulation could pose risks while aiming to attract more investments.

Meanwhile, The i reports on a troubling revelation regarding UK universities, with the headline “University bosses claim £1m expenses amid cash crisis warning.” This exclusive story uncovers significant expenses claimed by vice-chancellors as the sector grapples with financial difficulties, highlighting the disconnect between university leadership and fiscal responsibility.

In other news, The Daily Mirror captures public interest with the headline “Not a g’day for Charles,” reporting that King Charles III has seen all six Australian state premiers decline invitations to meet during his upcoming tour of Australia.

The Sun is focused on allegations against MasterChef host Gregg Wallace, with their headline “BBC Gregg’s sex chat probe,” following claims of inappropriate behaviour, while Metro succinctly states, “12 years and nothing’s changed,” hinting at a sentiment of stagnation in British society.

Overall, these headlines illustrate a complex interplay of investment opportunities, economic concerns, and political challenges currently shaping the UK’s landscape.