UK to announce billions worth of investment at London summit

Keir Starmer will host global business leaders in bid kick start growth

UK Prime Minister Keir Starmer during a visit to a glass factory in Chester. EPA

The UK government is reportedly set to announce £50 billion ($65 billion) of investment in the British economy on Monday.

The influx will be announced at the International Investment Summit in London, with hundreds of executives and investors from around the world expected to attend.

“Billions worth of investments in emerging growth sectors including AI and life sciences, and infrastructure are set to be unveiled by businesses,” Downing Street said.

A total of £50 billion in deals will be announced, Sky News reported.

The figure is about twice the £28 billion unveiled at a previous comparable gathering that was held under the former Conservative government.

The summit will be opened by Prime Minister Keir Starmer who in a plea to investors is expected to emphasise his government is seeking to create a stable environment to stimulate economic growth, a key election general election pledge by his Labour Party.

“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," he said.

“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.

“Private sector investment is the way we rebuild our country and pay our way in the world. This is a great moment to back Britain.”

Mr Starmer will also pledge to look at regulation “where it is needlessly holding back the investment, to take our country forward”.

“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,” he said.

“We will rip out the bureaucracy that blocks investment and we will make sure that every regulator in this country take growth as seriously as this room does.”

The summit will involve sessions with ministers and business leaders discussing how to ensure the UK capitalises on emerging growth sectors including health tech and AI, clean energy and creative industries.

Former Google boss Eric Schmidt has agreed to appear on stage with Mr Starmer. Ruth Porat, president of Alphabet and Google, Alex Kendall, chief executive of Wayve, and Bruce Flatt, chief executive of Brookfield Asset Management, will also appear.