Politics latest: Minister explains why Elon Musk snubbed from flagship investment summit
- by Sky
- Oct 14, 2024
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Watch Sky News live Live reporting by Ben Bloch
12:00:01
Sir Keir Starmer is hosting a major investment summit in London, attracting tens of billions of pounds from companies around the world.
He's given a major speech and had a chat with the old boss of Google, who came with a stark warning for the PM.
Here's what you need to know:
"A great moment to back Britain," was the PM's key message in a speech to business leaders, as he pointed to the stability of a majority government for the next five years and his growth agenda;
Sir Keir promised to tear up red tape to make investment easier, and said private money would help "rebuild our country" - including public services;
But he was warned by ex-Google boss Eric Schmidt that regulatory rules in Britain were "killing you", as projects are left in limbo waiting for approval and put off investors;
The PM said his government was "setting up the structures" to address these problems - like changing planning rules - and you can watch analysis from the event by our political editor Beth Rigby below:
Ahead of today's summit, Sky News learned the government will be welcoming more than £50bn of investment;
That's roughly twice the £28bn unveiled at the previous comparable business gathering held by the Tories;
Chancellor Rachel Reeves will be talking more about it all in a speech later this afternoon - we'll bring it to you live here.
Finally, the business secretary has declined to rule out raising national insurance contributions for employers;
Jonathan Reynolds said Labour's manifesto pledge only related to not raising national insurance for workers;
It comes as the chancellor looks for ways to raise more money ahead of her first budget on 30 October.
That's all for now - stay with us for more updates and analysis through the afternoon here in the Politics Hub.
11:52:35
Big moment as PM looks to get back on track - with another hint towards the budget
Our political editor Beth Rigby is at the government's flagship investment summit, and was in the audience as the PM addressed hundreds of business leaders.
She explains the speech saw "a prime minister really trying to get back on track after what has been, I think even he would admit, a bumpy first 100 days".
This summit is "a big moment for the government" given their need for economic growth.
There was also yet another hint ahead of the budget later this month that the chancellor could change borrowing rules to give her more money to spend and invest in public services.
The PM's mention of "run[nig] towards the fire" when it comes to public services appeared to Beth to be "a hint there will be tens of billions of pounds more investment announced in the budget".
But there is still a question over whether the government will increase taxes on employers at the budget later this month, which investors at the summit will be watching closely.
Watch her full analysis below:
11:13:13
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