- PM’s speech at Investment Summit on Monday
- Starmer to focus regulators on boosting growth
- Labour’s industrial policy green paper released Monday
The Prime Minister’s speech at the International Investment Summit in London will occur the same day his government releases an industrial policy green paper.
Sir Keir Starmer will encourage Britain’s economic regulators to prioritise their mandates to boost economic growth next week as part of a pitch to global investors.
The prime minister plans to use a speech at Monday’s International Investment Summit to declare that his administration will review watchdogs in various industries to ensure that they do not hinder growth.
The event, which will take place in the City, is being viewed as a test of Labour’s economic strategy by investors who control the fate of trillions of pounds in investment money.
Officials said Sir Keir is determined to send the message that regulators like Ofwat, Ofgem, the Prudential Regulation Authority, and the Competition and Markets Authority should focus on the UK economy’s competitiveness.
His address, however, will take place against the backdrop of a financial crisis at Thames Water, Britain’s largest water provider, which sovereign wealth funds and pension funds support from nations such as Abu Dhabi, Canada, and China.
According to one water sector executive, the prime minister’s statement will likely signal to Ofwat, the water regulator, that it must carefully consider the implications of Thames Water’s failure for international investors’ confidence in Britain.
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According to recent reports, global investors are so concerned about Ofwat’s handling of the Thames Water disaster that they are reluctant to commit additional funds to British infrastructure projects.
On Thursday, the government selected Poppy Gustafsson, the former CEO of cybersecurity firm Darktrace, as investment minister, avoiding the embarrassment of holding Monday’s summit without an investment minister.
Labour’s massive election triumph in July was quickly followed by a series of own goals, leaving the prime minister facing charges that he has failed to adjust to power.
On Monday, the administration will release an industrial policy green paper outlining more than a half-dozen economic growth sectors that will be prioritized during this parliament.
Insiders said Labour will also name its Industrial Strategy Council chair this weekend.
