Sir Keir Starmer vowed on Monday to rip up investment-blocking red tape and make regulation “fit for the modern age”, as he wooed global business leaders at a glitzy summit in London.
King Charles was also enlisted in the Labour Government’s efforts to attract billions of funds for major projects in Britain, after the summit overcame a hiccup involving ports operator DP World.
The Dubai-based company confirmed a £1 billion investment in the London Gateway container port on the Thames Estuary, after Sir Keir disavowed criticism of DP by Transport Secretary Louise Haigh.
Addressing the summit at the historic Guildhall in the City of London, the Prime Minister said: “It’s time to back Britain.”
He said the new Government had “turned the page” on the “Anglo-Saxon language” used by Boris Johnson, when the then foreign secretary notoriously said “f*** business” because of its hostility to Brexit.
Sir Keir said: “It’s time to upgrade the regulatory regime, make it fit for the modern age, harness every opportunity available to Britain.
“We will rip up the bureaucracy that blocks investment. 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.”
He also said that businesses could share any “frustrations” with the Government, adding: “We’re united behind growth, our door is open.”
The PM heard one such frustration directly from former Google chief executive officer Eric Schmidt, who said the Government would fail to meet its 2030 energy goals unless it ends regulatory delays in the UK, which is “killing you”.
Mr Schmidt said: “Democracies, especially something as old as this one, have so many ways in which people can say no.
“I’d much rather – and I think the business community would much rather – have a single person who can say yes or no … and then they can move on.”
The King was due to join a lavish evening reception at St Paul’s Cathedral with Sir Keir, the corporate leaders and ministers including Business Secretary Jonathan Reynolds.
Over the weekend, Mr Reynolds was forced to smooth things over with DP World after the company threatened to pull out of the summit.
DP World was angered by Ms Haigh’s call last week to boycott its subsidiary P&O Ferries which she branded a “rogue operator” in a row over firing and hiring British workers.
The company also announced that it would press ahead with the London Gateway expansion, with two new shipping berths, another rail terminal, and 400 new permanent jobs.
At the summit, ministers were also unveiling billions of pounds worth of major investment deals in AI, life sciences and infrastructure.
Manchester Airports Group, which owns Stansted, said a £1.1 billion investment programme to improve and expand the Essex airport’s terminal building would create up to 5,000 new on-site jobs.
Pharmaceuticals giant Eli Lilly announced £279 million for an “innovation accelerator” lab in Britain, its first in Europe, to identify promising projects in UK life sciences.
Sir Keir stressed he would “do everything in my power to galvanise growth” including axing regulations holding back new homes, data centres, warehouses, grid connectors, roads, trainlines and other projects.
The Government will ask the Competition and Markets Authority to prioritise growth, investment and innovation.
Slamming the Conservatives for presiding over 14 years of relative economic decline, the PM said he was “determined to repair Britain’s brand” as a “stable, trusted, rule-abiding partner”.
“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,” he said.
The summit represents an attempt at a fresh start for Sir Keir after a stormy first 100 days in No10.
His government has been hit by a series of controversies including a furore over freebies, the ousting of Sue Gray as his chief of staff, Taylor Swift’s police escort to Wembley Stadium and free tickets row, as well as the restriction on winter fuel payments for pensioners.
The Government has pressed ahead with some key reforms in its election manifesto including renationalising the railways, planning reforms, and the shift to a green economy.
But the investment summit, and October 30 Budget, are seen as key tests to recover from the shaky beginnings. Business chiefs are already warning Chancellor Rachel Reeves of the risk of damaging investment with decisions in the Budget, including some hikes on taxes.
Regional political leaders were also attending the summit in the Square Mile. London’s Mayor Sadiq Khan was set to stress that “London and the UK are open for business, trade and investment”.
Other speakers include Ruth Porat, chief investment officer of Alphabet, Alex Kendall, chief executive of Wayve and Pushmeet Kohli, president of research at Google DeepMind.
