After a bumpy first 100 days, buffeted by controversies and a major resignation, the Government is sensing an opportunity to get on the front foot. Step forward, the investment summit taking place today in central London.
The Prime Minister, Mayor and even the King are in town to make the case for the capital, and Britain, as a home for vital investment in our businesses, infrastructure and people. The summit has faced some hiccups, not least when DP World, owner of P&O Ferries, threatened to boycott the event after Transport Secretary Louise Haigh branded it a “rogue operator” in a row over firing and hiring policies. The company said this was necessary to ensure its survival. Number 10 swiftly distanced itself from her comments.
Still, there is plenty to justify the excitement. Despite a challenging decade and a half, the UK remains an exceptionally attractive place for global capital, from the rule of law to our world class universities. The key is to get the money flowing. And fast.
Part of the explanation for the UK’s productivity puzzle is a record of chronic underinvestment, from both public and private sectors. We need more money directed into long-term projects, whether it be infrastructure or high-tech machinery, into life-long learning, artificial intelligence and life sciences.
The expectation within government is this summit will kickstart billions of pounds worth of investment in Britain. Let’s see. But what is clear is that ministers are right to devote such energy to this pursuit.
Super sewer
London’s brand new super sewer is already up, running and cleaning the Thames. Evidence published today shows that in just one 24-hour period in September, when the capital endured heavy rainfall, nearly 600,000 square metres of sewage was captured by the London Tideway Tunnel with the first four connections in place.
The 15-mile long super sewer was connected to the Lee Tunnel in May, in doing so completing the full tunnel network. It means the system will be able to intercept and shift sewage waste which may otherwise have ended up in the Thames, with a total capacity of roughly 1.6 million square metres.
At a cost of £4.5 billion, the project has not come cheap. But it is vital for a city that has for over a century been overly reliant on the Victorian system under our feet. With climate change leading to ever more intense rainstorms, it could not be more vital.
Londoners can finally look forward to a cleaner Thames with replenished wildlife and fish stocks, as sewage discharges are cut by 95 per cent. A river worthy of a modern, flourishing city.
