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The prime minister will pledge to get rid of regulation that “needlessly holds back investment” at a major business conference in London today.
The International Investment Summit will comprise more than £50bn of deal announcements – or roughly twice the £28bn unveiled at the previous comparable gathering held under the former Conservative administration, Sky News’ City Editor Mark Kleinman learned on Sunday.
It comes after a row over the transport secretary’s criticism of P&O Ferries reportedly jeopardised a £1bn investment by its Dubai-based owner DP World.
However the investment will go ahead and DP world’s chairman, Sultan Ahmed bin Sulayem, will attend the conference after a frantic effort by UK ministers and diplomats to repair relations with the company.
The government is eager to show it is making progress on its mission to deliver economic growth after marking 100 days in office and ahead of the chancellor’s first budget on 30 October.
Chancellor Rachel Reeves has warned of “tough decisions” at the spending review as Labour says it needs to plug a £22bn “black hole” in the public finances left by the Conservatives.
The government says that international investment will help with its goals to create jobs, improve living standards, and make communities and families across the country better off.
It will ask the Competition and Markets Authority to prioritise growth, investment and innovation, and will review the focus of other major regulators to “curb red tape” and put the UK “at the front of the queue” for opportunities.
In a keynote speech at the summit, Prime Minister Sir Keir Starmer is expected to pitch Britain as a stable bet for investors, saying he will “do everything in my power to galvanise growth including getting rid of regulation that needlessly holds back investment”.
He will say: “We…
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