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Sir Keir Starmer had a playful moment with ex-Google boss Eric Schmidt today as the tech veteran said he was “shocked” at the prime minister’s drive for growth in the UK.
The pair were speaking on a panel at the International Investment Summit following Sir Keir’s speech to business leaders in the audience. Tech and AI were key topics of discussion as the PM highlighted reasons to invest in the UK.
It came after Sir Keir took a subtle swipe at former prime minister Boris Johnson in his speech, attempting to woo potential investors by criticising the “circus” that followed Brexit and led to less confidence in the UK.
He then joked about Mr Johnson’s infamous “f*** business” comments, saying there will be no more “needlessly insulting our closest allies. And of course a few choice Anglo Saxon phrases for business.”
Sir Keir Starmer also pledged to slash regulation that “needlessly holds back investment” during his speech, unveiling more than £50 billion in investment deals in AI, life sciences and infrastructure.
After a chaotic first 100 days in government, Sir Keir pitched that Labour’s historic election win has given the government a “golden opportunity” to end “chop and change, policy churn and sticking plasters” that are scaring investors.
Pinned: Ex-Google chief says ‘I was shocked when Labour became strongly in favour of growth’
The former boss of Google has said he was “shocked” to hear Labour has become “strongly in favour of growth”.
In a culmination of Sir Keir Starmer’s attempts to restore his party’s relationship with business, which collapsed under Jeremy Corbyn’s leadership, he is sat alongside the tech giant’s former CEO Eric Schmidt and GSK chief Dame Emma Walmsley pitching for investors to pile money into Britain.
The PM’s inaugural investment summit, which has brought hundreds of executives from some of the world’s biggest firms to London, is a sign of how much he has changed the Labour Party since succeeding Mr Corbyn in 2020.
Responding to Mr Schmidt’s apparent jibe, Sir Keir said “wealth creation is the number one mission of a Labour government”. To which Mr Schmidt replied: “Did you hear that?”
It is hard to imagine a similar event taking place under Mr Corbyn’s leadership of the party, when business chiefs shunned Labour for being anti-business, something Mr Corbyn claimed was “complete nonsense”.
Winter fuel payment row still hangs over government after 100 days
As Labour ministers greet business leaders with a celebratory mood, criticism continues from other sectors ahead of the new government’s first budget on 30 October.
Campaigners and charities are maintaining pressure on Labour to scrap or tweak the cutback of winter fuel payments to include more pensioners, as it is feared millions could miss out.
Social Affairs Correspondent Holly Bancroft speaks to a pensioner set to miss out on winter fuel help this year because she is just £3 above the weekly threshold for support.
Investment summit about more than Musk, Downing Street says
The Government’s international investment summit is “not about focusing on any one specific person”, Downing Street said when asked why Tesla owner Elon Musk had not been invited.
It has been suggested the billionaire was snubbed after engaging in a Twitter spat with Sir Keir Starmer during rioting in the summer, when he said demonstrators were subject to two-tier policing.
Asked why Mr Musk was not attending, the PM’s official spokesman said: “This summit is not about focusing on any one specific person.
“What you can see today is 300 of the most significant investors, people who can bring significant amounts of capital to the UK, attending this summit, which is obviously hugely significant.”
Greens criticise Labour’s deregulation drive
Ellie Chowns, Green Party MP for North Herefordshire, has criticised the prime minister’s promise to strip back ‘unnecessary’ regulation to boost investment.
She said: “Starmer’s pledge to investors that he will “cut red tape” is a tired cliché that, in practice, too often means harming environmental standards and workers’ rights. We’ve had fourteen years of successive Conservative governments promising to “cut red tape,” and all we have to show for it is a flatlining economy and falling living standards.
“If Starmer is serious about attracting investment to the UK, he will need a bolder approach that delivers on the “change” he promised in his election campaign. He could start by re-evaluating our relationship with our biggest trading partner, the European Union.”
Sadiq Khan: We “shouldn’t be scared” of EU single market
Mayor of London Sadiq Khan is also in attendance at Labour’s International Investment Summit today, where he has spoken to reporters about Britain’s relationship with the EU.
“I’m quite clear that all successful countries do the most trade with their nearest neighbours, that’s one of the signs of success,” he said.
“We’ve got on our doorstep, not just friends and colleagues and family indeed, we’ve got a market of more than 500 million people.
“The good news is the Prime Minister spent a lot of the last three months visiting friends in Europe, whether it’s the president of France, the prime minister of Italy, the chancellor of Germany or the European Union, indeed, in Brussels.
“The current Brexit deal we have comes up before review next year. I’m hoping, unlike last time, there will be closer alignment, rather than divergence.
“We should be looking at a whole host of issues and talking about them – whether it’s a youth mobility scheme, whether it’s seeing what we can do to bring people closer together.
“I think the reality is, in the short term, we probably aren’t going to get back as members of the single market. But it’s something we shouldn’t be scared to talk about.”
Green protests outside London’s Guildhall as summit underway
While ministers and business leaders gather in London’s glitzy Guildhall, several protestors have gathered outside in the grey, drizzly weather.
Those from the Green New Deal Rising group are calling for a wealth tax on the UK’s richest to fund green investment.
“Today, we showed up at the International Investment Summit to deliver a clear message: private business won’t save us,” they wrote on Twitter / X, adding: “We need public investment for public priorities”.
Another campaign group, Stop Sizewell C, is also present – protesting against the planned twin nuclear reactors in Sizewell, Suffolk.
No safety slips amid bonfire of red tape, Downing Street vows
Downing Street has promised the government will not let safety standards slip amid a bonfire of red tape to speed up building and planning permission.
Asked how the Government would ensure consumer safety was not undermined in the context of the Grenfell Tower Inquiry’s conclusions on deregulation, Sir Keir Starmer’s official spokesman said: “I think this exercise is about ensuring that regulators aren’t needlessly getting in the way of growth.
“Clearly, there are very important examples of where regulators play a vital role in upholding high safety standards and clearly building safety is one of those examples, and you heard the prime minister speak about that recently in the Houses of Parliament.
“Clearly, we are not going to compromise on those things, but it’s about striking the right balance and clearly the prime minister, the chancellor, have heard lots of feedback and representations from industry about the regulatory environment that this government has inherited and they’re determined to ensure we have a pro-business, pro-innovation regulatory environment.”
Government launches new Industrial Strategy
As the investment summit continues, Labour has launched a consultation into its ‘Invest 2035’ Industrial Strategy. The Green Paper sets out a 10-year plan to improve stability and investment in the UK.
The foreword by Sir Keir Starmer and Rachel Reeves says: “This Industrial Strategy will provide a launchpad for businesses. It provides the firm foundation for investment businesses have told us they need. This government believes it is our role to provide the certainty that inspires confidence, allowing businesses to plan not just for the next year, but for the next 10 years and beyond.”
“We will not repeat the mistakes of the past, with policy changing as fast as decision-makers.”
‘High-skilled’ immigration necessary for AI innovation, Starmer told
Speaking to Sir Keir Starmer in a panel discussion, former Google CEO Eric Schmidt said “A pro-growth agenda would start with high-skilled immigration, which is now in place here and should be expanded.”
He adds that, as more graduates become experts in AI, it is essential the UK is able to keep home-grown experts, but also attract international talent.
Speaking earlier, Sir Keir had criticised the “consequences” of Brexit, arguing that they gave the international community the impression that the UK was inward-looking and no longer interested in building relationships.
Elton John confirmed as summit special guest
Labour ministers and summit guests will enjoy a performance from Sir Elton John later today as the event wraps up. His performance was confirmed by Sir Lucian Grange, chairman and CEO of Universal Music Group.
“He’s an ambassador. He wanted to be here,” says Grainge after listing off some of the UK’s best musical exports.
“I wish you could see the politicians’ faces. We spend a lot of time in meetings, we don’t get out very often,” Ms Nandy jokingly told the audience.
Guests will also enjoy dinner prepared by three-Michelin-starred-chef Clare Smyth at the event in St Paul’s Cathedral, where King Charles II will make an appearance.
The lavish affair will perhaps raise some eyebrows given Labour’s recent row over freebies, including some ministers receiving free Taylor Swift tickets worth thousands of pounds while in opposition.
