The Prime Minister will pledge to scrap regulations that “unnecessarily hinder UK investment” when he hosts a major summit in London.
Sir Keir Starmer will tell business leaders he wants to “dismantle” bureaucracy and will ask the UK’s competition watchdog to prioritize growth.
Ahead of the international investment summit, some of the world’s largest companies wrote to The Times saying greater stability had increased the UK’s appeal.
However, the government faces a balancing issue ahead of the Budget in two weeks’ time, as it has said some taxes will rise.
On Sunday, Business Secretary Jonathan Reynolds did not rule out an increase in National Insurance rates paid by employers.
Labor pledged in its manifesto not to increase National Insurance. But Reynolds told Sky News: “The commitment is to tax working people, so employees and income tax are specifically mentioned in the manifesto.”
The letter to The Times, signed by major banks including Goldman Sachs and JP Morgan, and insurance companies including Aviva, said “the UK has a very real opportunity to grow its economy by attracting international investment.”
“We are optimistic about the future of the economy and believe now is the time to invest in the UK,” the letter said.
The run-up to the meeting was overshadowed by a row over a minister’s comments about P&O Ferries.
P&O Ferries owner DP World’s £1bn investment in the Essex port appears to be in doubt after Transport Secretary Louise Haigh described the ferry company as a “rogue operator”.
Hague was publicly rebuked by the Prime Minister and DP World will now attend the meeting along with the bosses of investment giants such as BlackRock and L&G.
Australia’s Macquarie has pledged to invest £20 billion in the UK over the next five years, including building an electric vehicle charging network.
The conference will be held at London’s Guildhall and will feature keynote speeches by the Prime Minister and Chancellor of the Exchequer Rachel Reeves.
Sir Keir said in his speech that he would “do everything I can to stimulate economic growth, including removing regulations that unnecessarily inhibit investment”.
“If it prevents us from building homes, data centers, warehouses, grid connectors, roads, train lines, you name it… we’re going to get rid of it.”
The government will ask the Competition and Markets Authority, the UK’s competition watchdog, to prioritize growth, investment and innovation.
