The Prime Minister has vowed to “rip out the bureaucracy that blocks investment” as the International Investment Summit opens in London.
The government has already secured more than £24 billion of private investment for pioneering energy projects ahead of today’s event in London and promises that billions of pounds’ worth of investments in growth sectors including AI & life sciences is to follow.
Keir Starmer is expected to tell the summit – to be attended by leading global investors, CEOs and politicians – that “we’ve got to look at regulation where it is needlessly holding back the investment, to take our country forward”.
He will add: “Where it is stopping us building the homes, the data centres, warehouses, grid connectors, roads, trainlines, you name it then mark my words – we will get rid of it.
“We will rip out the bureaucracy that blocks investment and we will make sure that every regulator in this country takes growth as seriously as this room does.”
He is expected to say not enough has been done to make sure the UK is keeping pace with emerging industries and pledge to “upgrade the regulatory regime to make it fit for the modern age, making Britain fit to harness all opportunities”.
The government will ask the Competition and Markets Authority to prioritise growth, investment and innovation through its work as a priority. It will also be reviewing the focus of other major regulators.
“It’s not just that stability leads to growth… it’s also that growth leads to stability. Growth leads to a country that is better equipped to come together and get its future back. That’s why it’s always been so critical to my project,” Starmer will continue.
“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.
“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.”
The regulatory review builds on the recent creation of the Regulatory Innovation Office, which the government promises will curb red tape for cutting-edge emerging technologies, speed up approvals, and allow them to be rolled out to the public safely and quickly.
Speakers at today’s summit include Ruth Porat, president & chief investment officer of Google’s parent company Alphabet; David A. Ricks, chair and CEO of Eli Lilly; Alex Kendall, CEO of Wayve; and Pushmeet Kohli, vice president of research at Google DeepMind.
The Prime Minister will take part in an ‘in conversation’ event with Eric Schmidt, former CEO and chairman of Google, to discuss how the UK can seize the opportunities of AI to drive growth and productivity, and its potential to improve public services such as health and education.
The Chancellor will close the summit and take part in a panel event discussing investment opportunities in the UK with group chief executive of USS Carol Young, chairman and CEO of BlackRock Larry Fink and CEO of Brookfield Asset Management Bruce Flatt.
Attendees will then be invited to an exclusive reception at St Paul’s Cathedral attended by King Charles III.
Porat said: “Google is proud of our long history of meaningful investments in local talent, infrastructure and digital skilling in the UK which help everyone participate in the benefits of the digital economy.
“With the UK’s rich academic heritage, particularly in the sciences, it is well-positioned to capture the many opportunities that AI can deliver.
“The Investment Summit is an important moment to reflect on the progress to date, and how to best position the UK as a global leader in AI, with the economic and societal benefits this transformative technology can deliver today, and in the years ahead.”