Major Investment Deals Set To Be Announced At Government's Inaugural International Investment Summit As PM Vows To Remove Needless Regulation Declaring Britain Open For Business

14th October 2024

Billions worth of investments in emerging growth sectors including AI and life sciences, and infrastructure are set to be unveiled by businesses and ministers at the government's inaugural International Investment Summit today 14 October 2024.

Ministers set to unveil billions worth of major investment deals in AI, life sciences and infrastructure.

Follows investment of £24 billion in clean energy from business leaders hailing the UK's "clear policy direction".

Comes as leading investors, CEOs, and politicians convene for inaugural International Investment Summit.

PM vows to "do everything in my power to galvanise growth" as he pledges to "get rid of regulation that needlessly holds back investment".

Billions worth of investments in emerging growth sectors including AI and life sciences, and infrastructure are set to be unveiled by businesses and ministers at the government's inaugural International Investment Summit today (Monday 14th October).

World leading CEO's and investors from across the globe will meet with ministers, First Ministers, and local leaders at the Guildhall - a historic landmark which has served as the ceremonial heart of the City of London for centuries.

Securing investment is central to the government's mission to deliver economic growth which will create jobs, improve living standards, and make communities and families across the country better off.

The government has already secured tens of billions worth of investments within 100 days of being in office. The International Investment Summit will provide an opportunity to build on this progress and showcase the UK’s economic strengths. The event will demonstrate that through serious, stable governance, the UK can establish enduring partnerships with businesses to boost investment and give investors the confidence they need to choose Britain.

In a sign of intent to deliver on its central promise, this government has immediately made a series of major interventions to restore economic stability and create the right conditions for growth and investment. Business leaders this week hailed the UK’s "clear policy direction" as they announced over £24 billion worth of investment in clean energy projects.

The government’s policy platform - including bolstering the Office for Investment, a robust Industrial Strategy, major planning reforms to unlock infrastructure and housing, and founding a National Wealth Fund to catalyse private money - will attract investment, kickstart growth, and unlock Britain’s potential.

In his keynote speech opening the summit, the Prime Minister will outline how the government will build on this work, with a vow to “do everything in my power to galvanise growth including getting rid of regulation that needlessly holds back investment.”

He is expected to say not enough has been done to make sure the UK is keeping pace with emerging industries. He will pledge to “upgrade the regulatory regime to make it fit for the modern age, making Britain fit to harness all opportunities.”

In his keynote speech, the Prime Minister will make his ‘pitch for Britain’. On the value of stability, the Prime Minister is expected to say:

“It’s not just that stability leads to growth - though we all recognise that. 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.

“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. Do not doubt that.

“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. This is a great moment to back Britain. This is great moment to back England, Scotland, Northern Ireland and Wales.”

On regulation, he is expected to say:

“We’ve got 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.

“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 government will ask the CMA to prioritise growth, investment, and innovation through their work as a priority and it will also be reviewing the focus of other major regulators.

The regulatory review is just one part of the government’s work ensuring Britain is at the front of the queue for emerging opportunities. It builds on the recent creation of the Regulatory Innovation Office, which 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.

These changes come at the same time as the government delivers on a key manifesto promise to establish a modern Industrial Strategy. Long called for by business, the strategy hardwires long-term stability for investors and plays to the UK’s strengths by focusing on eight growth-driving sectors.

The summit will involve sessions with ministers and business leaders to discuss how together we can ensure the UK capitalises on emerging growth sectors including health tech and AI, clean energy and creative industries, for the good of working people. Confirmed speakers including Ruth Porat President & Chief Investment Officer of 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 former CEO and chairman of Google Eric Schmidt, moderated by CEO of GSK Dame Emma Walmsley to discuss how the UK can seize the opportunities of AI to drive growth and productivity, and it’s 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 His Majesty The King.

Investment Minister Poppy Gustafsson OBE said, “It’s never been a better time to invest in Britain. This summit is a hugely significant moment to showcase the UK’s economic strengths on the world stage and I’m delighted to be part of the government’s important work to drive growth and investment across the UK.”

Mayor of London, Sadiq Khan said, “I’m delighted to be attending the International Investment Summit. With a new government, we are reclaiming Britain’s reputation as a magnet for global investment - bringing with it new technology, new ways of thinking and, crucially, new jobs across our country, meaning higher living standards.

“London and the UK are open for business, trade and investment. I will continue working with the Government to forge new partnerships, reset relationships and seize the opportunity to secure long-term investment so that we can build a better London for everyone and deliver the change Britain needs.”

Alex Kendall, Co-Founder and CEO of Wayve, said, “I’m delighted to join the inaugural International Investment Summit. The UK has a strong opportunity to lead in Embodied AI, especially in automated vehicles.

“We appreciate the Government’s proactive collaboration with industry on intelligent legislation like the AV Act 2024. Their sector-specific approach to AI regulation is the right way to encourage both investment and innovation.

“As we advance our Embodied AI technology into safe, reliable, production-ready software for global automakers, we look forward to continuing to work with the Government to harmonise global regulations and scale UK innovation internationally.”

Ruth Porat Chief Investment Officer at Alphabet Inc 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.”

Note
From Office for National Statistics
Foreign direct investment by ultimate controlling economy, UK trends and analysis:2021