The government will welcome more than £50 billion of investment into the British economy on Monday as Sir Keir Starmer tries to reset his administration after an first 100 days marred by scandal and infighting.
Sky News has learned that the International Investment Summit in the City of London will feature deal announcements worth more than £50 billion – roughly double the £28 billion revealed at the previous comparable gathering held under the former Conservative administration.
The total amount, to be announced on Monday, was still being finalized this weekend amid ongoing negotiations with the companies.
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However, sources say the final figure will “certainly” exceed £50 billion.
The summit will be attended by executives from globally important companies such as Alphabet, BlackRock, Goldman Sachs and Deepmind.
In recent days there was a line about DP Worldwhich planned to announce a £1 billion investment in London Gateway Port.
The company threatened to cancel its participation in the conference and review its investment following comments from Transport Secretary Louise Haigh, who described its subsidiary P&O Ferries as a “rogue operator”.
After the intervention of Downing Street officials, it seemed that the dispute had been resolved this weekend with the start of the investment.
Sky News can also reveal that the summit will include a closed-door session chaired by Business Secretary Jonathan Reynolds and several chief executives.
Jonathan Reynolds is set to meet with business leaders behind closed doors. File photo: Reuters
According to insiders, the group will jointly analyze the green paper on the industrial strategy, which will also be published on Monday.
One of the invitees said they were “asked to rate the government's homework.”
A source close to Reynolds said: “When the business secretary said this government would work with business, he meant it.
“We respect the expertise of business leaders and want their voices to be at the heart of the policy-making process.
“That's why we encourage them to have a discussion before publishing the strategy, so that it works in the industries it is intended to benefit.”
On Friday, Sky News revealed that Sir Keir would use it in his investment summit speech his administration will be keeping a close eye on regulators across industries to ensure they do not act as barriers to growth.
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Officials say Sir Keir is determined to get the message across that regulators such as Ofwat, Ofgem, the Prudential Regulation Office and the Competition and Markets Authority should focus on the competitiveness of the UK economy.
The event is seen as a test of Labor's economic program in the eyes of investors who influence the allocation of trillions of pounds of investment funds.
However, his speech will take place against a backdrop financial crisis at Thames Waterthe UK's largest water utility, backed by sovereign wealth funds and pension funds from countries including Abu Dhabi, Canada and China.
Reports in recent weeks suggest that global investors have been so concerned about Ofwat's handling of the Thames water crisis that they are reluctant to commit further sums to UK infrastructure projects.
The government on Thursday named Poppy Gustafsson, the former head of cybersecurity firm Darktrace, as investment minister, ensuring the government would avoid the disgrace of holding Monday's summit without an investment minister.
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Clare Barclay, who leads Microsoft's UK operations, has been appointed as chair of the new Industrial Strategy Council.
Officials declined to comment on Sunday on the main figures that will be announced at the summit.
