Stating that the UK International Investment Summit is looking like a “publicity stunt, “Douglas Grant, Group CEO of Manx Financial Group, said they welcome the gathering but it raises some concerns. The event is arriving several weeks before the Labour government’s budget reveal which are expected to incorporate tax increases with will “take some of the shine off the news.”
“Why bundle all these positive investment deals together in one event, as it feels more contrived than the natural rhythm of investment,” said Grant.
We are determined to lead the way on growth.
Determined to get Britain building.
Determined to get our economy moving.
It’s time to back Britain. pic.twitter.com/U7BM3RTpPf
— Keir Starmer (@Keir_Starmer) October 14, 2024
Labour PM Keir Starmer opened the event by declaring the UK is “open for business.”
“My government’s number one mission is economic growth. To grow our economy, we need high quality, long-term investment. That means creating a new partnership with businesses, and making sure Britain is the best place in the world to invest.”
The Summit has invited potential investors from around the world.
Starmer declared that the UK has the largest tech sector in Europe and leading positions in industries of the future including Artificial Intelligence, Life Sciences, Clean energy, the creative industries.
“We’re a country where businesses thrive – small and large alike… With clear regulatory frameworks and protections… A legal system that sets high standards around the globe…”
Starmer did not mention the vital Fintech sector.
Multiple investments into the UK were announced.
Grant said that higher taxes or inadequate support in the Autumn Statement could further undermine growth, particularly for SMEs.
“The new Government must prioritise creating an environment where SMEs can thrive, working with both traditional and alternative lenders to ensure their growth isn’t stifled.”
While many individuals and institutions were in attendance, it has been widely reported that one of the wealthiest and most innovative individuals in the world, Elon Musk, who has expressed interest in investing in the UK, was not invited.
In an interview in recent days, the UK Business Secretary Jonathan Reynolds was asked why Musk was not invited, and the public official struggled to come up with an answer. This has led some to posit that Musk’s embrace of free speech and support of former President Donald Trump may have caused the slight.
At the same time, other UK government officials have sought to clean up the mess, saying they are ready to engage with Musk. As for Elon Musk, he is busy building human-like robots and driverless cars and launching and landing rockets, which have amazed spectators. Perhaps the UK could have done a bit better instead of the apparent snub.