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Sir Keir Starmer took a subtle swipe at former prime minister Boris Johnson today as he spoke to business leaders at the International Investment Summit in London.
Attempting to woo potential investors, the new PM sought to ease worries by referencing the “circus” that followed Brexit and led to less confidence in the UK.
He then joked about Mr Johnson’s infamous “f*** business” comments, saying there will be no more “needlessly insulting our closest allies. And of course a few choice Anglo Saxon phrases for business.”
Sir Keir Starmer also pledged to slash regulation that “needlessly holds back investment” during his speech, unveiling more than £50 billion in investment deals in AI, life sciences and infrastructure.
After a chaotic first 100 days in government, Sir Keir pitched that Labour’s historic election win has given the government a “golden opportunity” to end “chop and change, policy churn and sticking plasters” that are scaring investors.
It comes as five of the world’s biggest banks joined private equity firms, insurers and tech giants in declaring it is “time to invest in Britain”.
But a row over criticism of P&O Ferries that reportedly jeopardised a £1 billion investment by its Dubai-based owner DP World has been smoothed over, with the company confirming it is attending the conference.
Key Points
- Sir Keir takes a swipe at Boris Johnson at investment summit
- Starmer vows to scrap regulation to woo investors at summit
- Peter Kyle defends P&O Ferries owner after criticism row
- P&O boss to attend investment summit after ‘cowboy’ comment
Pinned: Sir Keir takes a swipe at Boris Johnson at investment summit
Keir Starmer took a side swipe at Boris Johnson’s infamous “f*** business” comment and promised to turn a page on the chaos of Brexit in his keynote speech to business leaders at the investment summit.
The prime minister acknowledged that Britain’s standing in the world has been damaged as a result of the EU referendum result in 2016 and what followed but has made a priority to fix it.
He told the audience: “We are determined to improve [Britain’s global standing]. Determined to repair Britain’s brand as an open outward looking confident trading nation.
“I see this as diplomatic necessity and I think it is clear what I priority I have given it in the first 100 days of this government all around the world.
“People want to know that Britain can be a stable trusted, rule abiding partner as we have always been.
“But somehow during the whole circus that followed Brexit the last government made a few people less sure about.
Needlessly insulting our closest allies. And of course a few choice Anglo Saxon phrases for business.
“Well no more we have turned the page on that decisively and we will use that reset for growth.”
David Maddox14 October 2024 10:46 1728907222As Sir Keir tells investors not to worry about workers’ rights – what’s in Labour’s bill?
Addressing fears that some business leaders have expressed over Labour’s workers’ rights expansions, Sir Keir said: “Let me be clear: they’re pro-growth.”
Labour had been working to progress their workers’ rights package within the first 100 days of coming into power, recently tabling the bill. Here’s what it will change:
What Labour’s Employment Rights Bill could mean for UK workers
One expert say Labour’s bill ‘promises to be the greatest overhaul of workplace rights for 30 years’
Albert Toth14 October 2024 13:00 1728906022Unions express concern ahead of summit
Some union leaders voiced concerns about Sir Keir’s deregulatory language ahead of today’s investment summit, likening his language to that of David Cameron in 2011 who launched a “Red Tape Challenge”.
“The coalition also had a massive shake-up of red tape, and ended up taking out loads of safety regulations,” one union source told The Guardian.
The issue was drawn into sharp criticism following the publication of a report into the Grenfell Tower fire, which found lax safety regulations and enforcement contributed to the tragedy.
Acknowledging this during his keynote speech, Sir Keir said regulation must not inhibit growth and investment, indicating a desire to strike a balance.
Albert Toth14 October 2024 12:40 1728904822As PM criticises Brexit, post-EU wine tax sparks call for consumers to pressure MPs
Customers are being urged to “urgently” pressure MPs over a post-Brexit wine tax dubbed Rishi Sunak’s “sneaky Sauvignon surcharge”.
Major wine companies such as Majestic have asked customers to write to their member of parliament to highlight the issue before Rachel Reeves‘ Budget at the end of this month – to “get this ill-conceived policy stopped before it is too late”.
Brexit wine tax sparks call for consumers to pressure MPs
Customers asked to write to MPs ahead of Rachel Reeves’ Budget later this month over reforms
Albert Toth14 October 2024 12:20 1728903796£1.1 billion Stansted investment announced
A £1.1 billion investment into London’s Stansted airport over five years has been announced by the prime minister at the International Investment Summit.
Of this, £600m will go towards expanding the terminal by a third, while £500m will be spent on improving the terminal and the airport estate.
The investment will also fund a 14.3 megawatt on-site solar farm to meet the airport’s energy demands.
Transport Secretary, Louise Haigh, said: “We have been steadfast in our commitment to help British businesses grow and in turn boost the UK’s economy. This announcement is a clear signal that Britain is open for business.”
Albert Toth14 October 2024 12:03 1728902624Starmer: NHS must be reformed
Asked about healthcare, the prime minister says the UK is rightly proud of the NHS, but that if Labour put more money into the health service “as it is,” it won’t be improved.
Instead, he says, it must be reformed and reimagined through AI and tech. The prime minister says, for example, he has seen AI used for early cancer detection.
He adds that it is his ambition for people to look back on the current government in 50 years and be as proud of its record on healthcare as the postwar Labour government, which famously established the NHS.
Albert Toth14 October 2024 11:43 1728902016Ex-Google chief: ‘I was shocked when Labour became strongly in favour of growth’
The former boss of Google has said he was “shocked” to hear Labour has become “strongly in favour of growth”.
In a culmination of Sir Keir Starmer’s attempts to restore his party’s relationship with business, which collapsed under Jeremy Corbyn’s leadership, he is sat alongside the tech giant’s former CEO Eric Schmidt and GSK chief Dame Emma Walmsley pitching for investors to pile money into Britain.
The PM’s inaugural investment summit, which has brought hundreds of executives from some of the world’s biggest firms to London, is a sign of how much he has changed the Labour Party since succeeding Mr Corbyn in 2020.
Responding to Mr Schmidt’s apparent jibe, Sir Keir said “wealth creation is the number one mission of a Labour government”. To which Mr Schmidt replied: “Did you hear that?”
It is hard to imagine a similar event taking place under Mr Corbyn’s leadership of the party, when business chiefs shunned Labour for being anti-business, something Mr Corbyn claimed was “complete nonsense”.
Archie Mitchell14 October 2024 11:33 1728901444Sir Keir address the “consequences” of Brexit
Speaking about the UK’s world standing, Sir Keir says that Brexit adversely affected the country’s international reputation.
He says that regardless of why people voted, “the impression was given that the UK was more interested in turning in on itself, becoming more isolated, and less interested in the outside world like we once were.”
The PM says that he will “reset” to make it clear to investors that this is not the case and that the UK wants to resume its former place on the world stage.
He adds that he is looking to build bridges with counterparts in Europe, having met several leaders across the continent in his first 100 days.
Albert Toth14 October 2024 11:24 1728901143Sir Keir is joined by former Google CEO Eric Schmidt
Moving to a different format, Sir Keir is joined by Eric Shmidt, former CEO of Google, for a panel discussion between the two.
Asked what he wants to achieve most in power, Sir Keir says the government is “mission-driven,” with growth being the number one most important thing.
Responding to the prime minister’s argument that now is the right time to invest, Mr Schmidt says “I was shocked when Labour became strongly in favour of growth.”
“Maybe you need a minister of anti-regulation,” he jokes, before moving to the more serious point that a democracy like the UK has “so many ways in which people can say no.”
He says the business community would rather there was a more centralised decision-making process, telling the prime minister that delay “is killing you.”
Albert Toth14 October 2024 11:19 1728899122Sir Keir calms fears about workers’ rights laws
“Some people may be wondering about our labour market policies” says Sir Keir, addressing reports that some business leaders are uneasy about Labour’s plans to strengthen workers’ rights in the UK.
“Let me be clear: they’re pro-growth,” he says, “workers with more security at work, with higher wages, that is a better growth model for this country.”
Albert Toth14 October 2024 10:45 Newer1 / 5OlderDisclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
