- UK will host major International Investment Summit on 14 October 2024 as it drives forward national mission for growth.
- Prime Minister to bring together up to 300 industry leaders to catalyse investment in the UK.
- Chancellor Rachel Reeves and Business and Trade Secretary Jonathan Reynolds will confirm UK is open for business.
The UK will host a major International Investment Summit on 14 October 2024, advancing opportunities for investment and growth across the country.
Economic growth is the government's top priority, and investment is one of the key pillars of the Chancellor's growth strategy. The summit will make clear that the UK is "open for business" as the government resets relations with trading partners around the globe and creates a pro-business environment that supports innovation and high-quality jobs at home.
October's summit will be a celebration of modern Britain and will allow global business leaders to hear directly from the PM and Cabinet ministers on how this government will drive future investment.
It comes as business confidence jumped in July to the highest level shown for eight years. Just last week, leading savings and retirement firm Phoenix Group, and global investment manager Schroders announced they will launch a new private markets investment manager, deploying up to £2.5 billion over three years with an initial commitment of £1 billion - further evidence of investor confidence in the UK.
The UK is also Europe's leading tech ecosystem, with the highest number of 'unicorn' companies in Europe and venture capital investment worth £860 million in 2023 to 2024. This strong economic landscape, with clear growth potential for new technologies, makes the UK an attractive location for investors.
Business and Trade Secretary Jonathan Reynolds said:
Long-term, sustainable and inclusive economic growth is this government's central mission. That's why we're taking immediate steps to increase investment right across the UK, support local skilled jobs and raise living standards in all our communities. Whether it is new film studios, cutting-edge technologies, or green energy, it is clear every part of the UK has the potential to benefit from private sector investment.
The summit is an opportunity to meaningfully engage with the world's leading businesses and investors, and to continue to build long-term relationships that will drive investment into the UK in the months and years ahead.
The chaos of the last 14 years is no more. Britain is open for business, and we are the investment destination of choice.
Reynolds is also expected to set out to investors that a new level-headed approach on the world stage not only shows how the UK is a mature trading partner but will allow UK businesses to plan for sustained investment and economic growth over the next decade.
As the Chancellor outlined in a speech last month, Treasury analysis shows that had the UK economy grown at the average rate of other OECD economies over the last 13 years, it would have been over £140 billion larger.
Chancellor of the Exchequer Rachel Reeves said:
Growth built on stability, investment and reform is our number one priority and we have moved at speed to fix the foundations of our economy.
In just one month we have launched a National Wealth Fund to catalyse investment in our world-leading green and growth industries, ended the ill-advised ban on onshore wind and reformed a planning system that has frustrated investors for so long.
We are not resting on our laurels as work continues to rebuild Britain. October's International Investment Summit will showcase Britain is back as a stable place to do business, helping to secure the private investment needed to make every part of our country better off.
The National Wealth Fund will simplify the UK's fragmented landscape of support for businesses and investors and make transformative investments across the UK.
The summit is a key milestone in the government's growth mission and will underpin a modern Industrial Strategy. It builds on the UK's ambition to maintain the highest sustained growth in the G7, working in partnership with the private sector to get the very best out of British industries.
Coming two weeks ahead of the budget, it will build on the UK's strong reputation as a global trading centre, and ensure investment is at the heart of the UK's economic vision.
Notes:
- More info on Lloyds Bank's Business Barometer and business confidence can be found here: https://www.lloydsbankinggroup.com/media/press-releases/2024/lloyds-bank-2024/business-confidence-rebounds-sharply-in-july.html
- More info on Phoenix Group and Schroders can be found here: https://www.schroders.com/en/global/individual/media-centre/phoenix-group-and-schroders-to-launch-new-private-markets-investment-manager-with-1bn-initial-commitment-up-to-2-5bn-over-three-years/
