Prime Minister Keir Starmer, addressing an audience of global business leaders at the International Investment Summit in London, urged investors to “back Britain” as his government seeks to secure crucial funds for economic recovery. The summit, held on Monday (14), aimed to attract foreign investment amid lingering post-Brexit challenges.
Starmer, who leads a recently elected Labour government, emphasized the need to remove bureaucratic hurdles that impede development projects in the UK. He pledged to reduce regulatory barriers to encourage investments in housing, infrastructure, and technology sectors, stating, “We will rip out the bureaucracy that blocks investment.”
The government reported that the summit raised £63 billion ($82 billion) in investment commitments, though much of this had been previously announced. Ministers had already outlined £24 billion in green energy initiatives, while additional investments in data centers and airport expansion were revealed at the event.
Despite the new pledges, the summit faced criticism over its organization, including a lack of top-level attendees and a dispute involving P&O’s owner DP World, which threatened to pull a £1 billion investment over concerns about the government’s comments on employment practices. Ultimately, the P&O project will proceed following last-minute negotiations.
The timing of the summit coincided with Labour’s 100th day in office, raising concerns among businesses anticipating potential tax changes in the upcoming budget. Finance Minister Rachel Reeves assured the audience that corporate tax would be capped at 25 percent for the next five years.
Starmer’s government, elected in July with a strong majority, has struggled to maintain public support, with approval ratings dropping after a series of early stumbles. Nevertheless, Starmer remained focused on the long-term opportunity, stating, “This is a great moment to back Britain.”
