UK politics live: Starmer vows to scrap red tape and £50bn investment at key summit

The government will host hundreds of international businesses today at Labour’s first investment summit in London.

Business owners across the world are attending the flagship event with Sir Keir Starmer delivering a keynote speech in the evening.

The prime minister will be “in conversation” with former Google chief executive Eri Schmidt, which will be moderated by the chief executive of pharmaceutical firm GSK, Emma Walmsley.

A packed agenda will include other panels hosted by the chief investment officer of Google owner Alphabet, the chair of investment firm BlackRock and Amanda Blanc, the boss of insurance group Aviva.

Chief executive of Octopus Energy, Greg Jackson, and managing director of Australia’s Macquarie Group, Shemara Wikramanayake, a former owner of Thames Water, will join a panel on decarbonising the National Grid.

Former England football manager Gareth Southgate will join actor and director Adjoa Andoh, Lucian Grainge, the chief executive of Universal Music Group, the company behind artists including Lady Gaga and Lana Del Rey, and an executive from Netflix on a panel exploring investment opportunities in the creative field.

The evening will conclude with a reception at St Paul’s Cathedral hosted by King Charles.

The technology secretary has left the door open for more laws to protect children online, including a ban on some social media.

“Everything is on the table when it comes to keeping young people safe and I’m looking very carefully at the powers that we might need to do so in the future,” Peter Kyle told LBC.

Asked whether a ban on some social media products was not off the table, he said: “When it comes to the safety of people who live and work and use the online world here in this country, nothing will be off the table.

“I want to work constructively with these companies, that’s what I am doing.”

A cabinet minister has dismissed suggestions the UK government is seen as a “soft touch” by unions after reports the Transport Secretary has authorised a bonus for rail workers working five days a week.

“This Labour government is a soft touch to no-one,” Peter Kyle told LBC.

He said he could “not comment on things that I’m not party to” but added: “I am broadly in favour of investing in our workforce, investing in our country and making sure we can get out of this doom spiral that the last Tory government left us with – high tax, low growth, an economy that is going nowhere.”

Reform UK supporters have been offered paid tours of parliament in an apparent breach of House of Commons rules, it has emerged.

Nigel Farage’s party has emailed some activists offering tours with an MP for up to £300 as part of a fundraising drive.

Our political correspondent Archie Mitchell has the full story below:

Labour has been accused of plans to break a manifesto commitment after repeatedly refusing to rule out an increase to employers’ national insurance contributions.

The party has come under pressure to clarify whether it sees the employer side of the tax as distinct from employee contributions, after promising during the election campaign “we will not increase National Insurance”.

A former Tory minister has said it would be “absurd” to claim that raising the levy on employers but not employees is not a breach of the explicit manifesto pledge.

Our political correspondent Archie Mitchell has the full story below:

A cabinet minister has said the chief executive of P&O is “someone who has signed up to the high standards that the Labour government expects of everyone who invests and employs people in our country”.

After efforts by No 10 to smooth relations following a row over Louise Haigh’s comments about the firm, DP World will now attend today’s gathering. 

Technology and Innovation Secretary Peter Kyle was asked about comments made by chief secretary to the Treasury Darren Jones in 2022, when he questioned whether ferry boss Peter Hebblethwaite was a “shameless criminal” or just does not know “what [he is] doing.”

“What is he now? Does he not know what he’s doing or is he a shameless criminal?” Sky News presenter Kay Burley asked.

Mr Kyle replied: “He is someone who has signed up to the high standards that the Labour government expects of everyone who invests and employs people in our country.

“That’s something we can celebrate because we’ve changed as a country.”

Science, innovation and technology secretary Peter Kyle has been doing the media round this morning.

The minister was quizzed over claims that Elon Musk has not been invited to the government’s flagship investment summit.

Mr Kyle said the billionaire businessman has “never been to any of our investment summits under the previous government”.

Asked if the Teska Motors boss was not invited because he called the prime minister “two-tier Keir” over his measures at the far-right riots, he said: “Absolutely not.

“Our prime minister puts the country first, party second. He has said that numerous times.

“We want to make sure that people from around the world understand that we are a government that is open for business.”

Welcome back to the politics blog.

• The government is attempting to get back on track at Labour’s flagship investment summit today where Sir Keir Starmer will host business leaders from around the world.

• In a speech, the prime minister will promise to slash regulation that is “holding back investment” and to “rip out bureaucracy” from the system.

• Labour will unveil over £50 billion worth of deal announcements in AI, life sciences and infrastructure.

• In other political news, foreign secretary David Lammy will travel to a meeting of the EU Foreign Affairs Council.

• And in Westminster, defence secretary John Healey will be quizzed by MPs in the House of Commons.

Stay tuned for the latest updates and analysis throughout the day.

Sir Keir Starmer will pledge to slash regulation that “needlessly holds back investment” at a key business conference today.

The Labour government will unveil investment deals worth billions in AI, life sciences and infrastructure at its first International Investment Summit.

A row over criticism of P&O Ferries that reportedly jeopardised a £1 billion investment by its Dubai-based owner DP World has been smoothed over, with the company saying it will attend the conference.

The government is eager to show it is making progress on its mission to deliver economic growth after marking 100 days in office and ahead of the chancellor’s first Budget on October 30.

Chancellor Rachel Reeves has warned of “tough decisions” at the spending review as Labour says it needs to plug a £22 billion “black hole” in the public finances left by the Conservatives.

The government says that international investment will help with its goals to create jobs, improve living standards, and make communities and families across the country better off.

It will ask the Competition and Markets Authority to prioritise growth, investment and innovation and will review the focus of other major regulators to “curb red tape” and put the UK “at the front of the queue” for opportunities.

In a keynote speech at the summit, Sir Keir is expected to pitch Britain as a stable bet for investors, saying he will “do everything in my power to galvanise growth including getting rid of regulation that needlessly holds back investment”.