PRIME Minister Keir Starmer is set to pledge a bonfire of regulations that he claims “needlessly holds back investment” at a major business conference.
The Government is expected to unveil investment deals worth billions in AI, life sciences and infrastructure at its first International Investment Summit on Monday in an effort to change the narrative, sparked by Starmer himself, of a “rot” in the UK.
The Government is eager to show it is making progress on its mission to deliver economic growth after marking 100 days in office and ahead of the Chancellor’s first Budget on October 30.
However, Best for Britain chief executive Naomi Smith said Starmer could not pledge to scrap unnecessary red tape without addressing Brexit.
She said: “Cutting red tape must include the mountain that Brexit has created for almost every part of the UK economy but particularly SMEs [Small and Medium Enterprises], touring performers, and export/import businesses.”
Chancellor Rachel Reeves has warned of “tough decisions” at the spending review as Labour says it needs to plug a £22 billion “black hole” in the public finances which they claim was left by the Conservatives.
The Government says that international investment will help with its goals to create jobs, improve living standards, and make communities and families across the country better off.
It will ask the Competition and Markets Authority to prioritise growth, investment and innovation and will review the focus of other major regulators to “curb red tape” and put the UK “at the front of the queue” for opportunities.
He will say: “We have a golden opportunity to use our mandate, to end chop and change, policy churn and sticking plasters that make it so hard for investors to assess the value of any proposition.
“We have the determination, the focus on clear long-term ends, a mission-led mindset that thinks in years, not the days or hours of the news grid, needed to unlock that potential. Do not doubt that.
“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.”
Five of the world’s biggest banks, private equity firms, insurers and tech giants gave a signal of support in a joint letter to The Times.
“We are optimistic about the future of the economy, and believe it is time to invest in Britain,” they said, citing greater stability and growth in the technology and energy sectors.
Banks JP Morgan and Goldman Sachs, insurers Aviva and L&G, and private equity firms including Blackstone and KKR are among the 14 signatories.
Labour have warned of “tough choices” to come in the budget and sparked fears of further cuts after they cut back Winter Fuel Payments to pensioners.
There has been speculation as to which taxes could be raised in the Budget after Labour committed not to increase national insurance, income tax or VAT.
Reeves must also choose whether to amend fiscal rules to allow more borrowing to fund public spending.
Consumer health firm Haleon has announced a £130 million investment in a new Global Oral Health Innovation centre in Weybridge, Surrey to coincide with the summit.
