Lawyers At Irwin Mitchell Call On Government To Heed Business Advice At Investment Summit To Deliver Foreign Direct Investment Necessary To Kick-Start Greater Growth

Global business chiefs attending this week’s International Investment Summit in London have welcomed government efforts to prioritise economic growth, but warned ministers that steps will need to be taken if the hope of accelerating inward investment is to be realised.

The business summit welcomed industry leaders from across the world to an event designed to underscore the new government’s core growth strategy and encourage investment into the UK.

The summit ended with investment pledges worth over £60bn, set to create an estimated 40,000 new jobs in the process. There were pledges to “get rid” of regulations by prime minister Sir Kier Starmer, while in a boost for the north, chancellor Rachel Reeves said the New National Wealth Fund located in Leeds will be capitalised with £27.8bn to fund investment in green projects.

Specialist business lawyers at Irwin Mitchell welcomed the progress made at the conference, sharing the ambition and optimism of delegates, but recognising along with business leaders the further work necessary to deliver long-term results.

London based M&G chief Andrea Rossi talked of “…a renaissance of the UK, as people are looking at the UK again,” as one of the headline sponsors echoed the prime minister’s call to reduce regulation, while supporting workers’ rights.

In conversation with former Google boss Eric Schmidt, the prime minister said the number one mission for the UK is economic growth, adding that properly delivered, this would be ‘over years not months.’ Schmidt made clear the need for streamlining regulation, arguing that the cost of capital caused by delays is harming the UK.

While the UK is seen as having a tech advantage and pedigree, large data centres are energy hungry, making the UK’s 2030 pledge vital in providing clean and secure energy to this sector.

Schmidt also advised the summit that the UK should expand high skilled immigration, arguing that doing so would also prepare the UK for AI.

Newly unveiled investment minister Poppy Gustafsson welcomed the premier’s “…focus on investment and full-throated backing of UK plc,” arguing that “without it, we risk lagging behind international partners, losing the global race for the industries of the future, and crucially, losing out on growth.”

In addition to heading up an enhanced Office for Investment, Gustafsson also revealed that this will include a ‘concierge’ service for those looking to invest in the UK, with lines of communication with both the treasury and Downing Street.

Expert Opinion

“Overall, the Investment summit will be considered a success by the government and business leaders alike.

“While some have questioned how much of the announced investment was new, the importance of the summit was to get business on side and to demonstrate the government’s determination to take their concerns on board and put in place the essential catalysts for growth.

“The government had to show it’s prepared to champion investment and various pledges, if they work as envisaged, will help deliver that ambition.

“The concierge service will be a big plus in terms of the drive for increased FDI and if this initiative can open up lines of communication between the treasury and Downing Street and tailor solutions to business needs and the types of investment being proposed, it could make a big difference to the government’s efforts to get on the front foot in terms of delivering growth.” Bryan Bletso, Head of International at Irwin Mitchell