- DP World’s £1 billion investment at risk.
- Transport Secretary called DP World “rogue operator”
- Investment summit timing questioned before budget
The £1 billion pledge by DP World, the owner of P&O Ferries, is at risk after Transport Secretary Louise Haigh called the shipping business a “rogue operator” and advised consumers to boycott it.
The government needed to “have a conversation” to obtain the historic DP World investment announcement, which was purportedly thwarted by statements from the transportation secretary.
On Sunday Morning With Trevor Phillips, Business and Trade Secretary Jonathan Reynolds was questioned how near the government came to losing its £1 billion commitment to the London Gateway port.
Mr. Reynolds responded: “Look, we’ve had to have a conversation following some of the press reports.”
The £1 billion investment by Dubai-based corporation DP World, which controls P&O Ferries, was put at risk after Transport Secretary Louise Haigh labeled the shipping company a “rogue operator” and advised consumers to boycott it.
In March 2022, P&O Ferries sparked outrage by laying off 800 British seamen and replacing them with cheaper, mostly foreign personnel, claiming the move was necessary to keep the firm afloat.
The £1 billion investment announcement was under review until yesterday when it was confirmed that it would proceed as anticipated.
When asked if the announcement, which was supposed to be the significant pledge of the upcoming week’s investment gathering, was nearly canceled, Mr. Reynolds said only that it is now “going ahead.”
The minister was also asked why Tesla and SpaceX creator Elon Musk will not attend the government’s investment summit.
When asked repeatedly about the reason for the world’s richest man’s absence, Mr Reynolds said he wouldn’t comment on a “specific person.” Still, he said the event was about “who can bring the kind of investments that will make the biggest difference” – before adding that “not everyone can come.”
When asked about Saturday’s decision on the London Gateway port, a DP World representative said, “After productive and amicable conversations with the government, we have been provided with the clarity we require. We look forward to attending Monday’s International Investment Summit.
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The investment summit was announced in August, but its timing has been questioned because it occurs before the budget on October 30.
While in opposition, Labour promised to hold the ceremony within the first 100 days of office, putting pressure on the timing of events after that deadline passed on Saturday.
When the summit was announced, the government said “up to 300 industry leaders” would attend to “catalyze investment in the UK.
Over the summer, reports stated that Musk was not invited owing to his inflammatory social media remarks.
During the riots in the UK following the Southport stabbings, Musk frequently lambasted Sir Keir Starmer on the billionaire’s social networking site X.
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