The UK prime minister, Sir Keir Starmer, has opened a major business conference in London by promising to eliminate regulation that is stymieing investment in the country. Speaking to an audience of business leaders, Starmer pledged to “rip out” bureaucracy, stating his ambition to remove regulation that “needlessly holds back investment”. American pharmaceutical company Eli Lilly’s head, David Ricks, spoke to the BBC and voiced his approval for regulation changes and the removal of red tape, explaining that it would bring about increased investment.
As the Budget draws closer, the UK government is attempting to balance increasing revenue with encouraging business growth. Although the government has already suggested some tax rises, Sir Keir is attempting to demonstrate the positive steps the UK has taken in recent years, particularly with regard to greater stability offered to international businesses. In recent weeks, the finance world has noted the increased attractiveness of the UK for investment, with many top banking executives, including those at JP Morgan and Goldman Sachs, among the signatories to a letter to The Times calling for increased investment in the country.
Sir Keir faced some difficult questions about working regulations, with business leaders voicing concerns about the recently announced plans for workers’ rights. However, the prime minister sought to balance the needs of businesses with those of workers, asserting that his government believed in extracting smart regulation in order to facilitate an appropriate level of innovation.
Earlier this month, it was noted that investment conference in London had not extended an invitation to SpaceX CEO, Elon Musk. Though Sir Keir stated that Musk would be welcome, Technology Secretary Peter Kyle noted that Musk needed to “open up an investment programme” in order to engage with the UK
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