GovWire

Speech: PM International Investment Summit Speech: 14 October 2024

Prime Ministers Office 10 Downing Street

October 14
10:39 2024

And thanks to all you for being here

Its fantastic to stand here and look out and see so many of you here

And Im really grateful that you have made the effort, and you are here. It means a huge amount to me and my government

And welcome to this Governments first International Investment summit.

And some of you I know have come a very long way to be here

You have flown in from a great distance, some of you will be going straight back out again afterwards.

You have made a huge effort to share with us the precious gift of your time

And we are really, really grateful for that.

And welcome to the Guild Hall

Londons ancient Town Hall

Isnt it a fantastic building, its really breathtaking this Guild Hall.

Not of course to be confused with the nearby Guildhall school of music

Where I once pursued a fleeting ambition to play the flute professionally. I kid you not

Complete with then long hair and very, very flared jeans.

All photographic evidence has been destroyed.

But today we are pursuing a different ambition

A shared ambition

Growth.

You have to grow your business.

And I have to grow my country.

Ill leave it to you to decide if you think voters or shareholders are the more forgiving audience

But without growth lets just agree its a difficult conversation

And that therefore, growth is a cause that binds us together.

The shared endeavour of prosperity.

Its why weve made it the number one test of this government

I am determined to do everything in my power to galvanise growth

Determined for this country to be the highest growing economy in the G7

That is our most important national mission.

Because its the only way to deliver the mandate for change that we won.

Growth is higher wages.

Growth is more vibrant high streets.

Growth is public services back on their feet.

Its less poverty, more opportunity, more meals out, more holidays, more precious moments with your family, more cash in your pocket.

And of course, for any business

It means a bigger market.

Higher demand

A more secure and prosperous future

Your effort and enterprise rewarded in profit.

But its much more important, even than all that.

We live in an age when political fires rage across the world.

Conflict. Insecurity.A populist mood that rails against the open values so many of us hold dear.

Values which, as you know

Are so crucial for making business easy to do.

And yet at the same time

Look around the world

Look at the investments you and others are making.

This is an age of great possibility, as well.

Huge revolutions in digital technology, clean energy, medicine, life sciences

Each - with the potential to fundamentally change the way we live and the way that we work

Each - with the possibility to transform the lives of working people for the better.

And so, in times like this

Economic growth is vital as it always has been

If we are to steer our way through a great period of insecurity and change

And on to calmer waters.

Because when working people benefit from that growth

When every community enjoys the fruits of wealth creation

It stops a country turning in on itself and against the world.

And that in turn, helps provides a stable foundation

Breathing space

For a country to take advantage of those opportunities for a better future.

To put it more simply

Its not just that stability leads to growth though we all recognise that.

Its also that growth leads to stability

Growth leads to country that is better equipped to come together

And get its future back.

Thats why its always been so critical to my political project.

The key ingredient of that Great Moderation we became accustomed to before the financial crash

But which together, in partnership

We now have to earn again.

Every one of you here today

Has been invited for that reason.

Its not just that you lead some of the most important businesses in the world.

Its also because you are pivotal to this great cause of our times.

And the reason we are focusing so much on investment

Is because the mission of growth, in this country in particular

Demands it.

Private sector investment is the way we rebuild our country

And pay our way in the world.

And make no mistake this is a great moment to back Britain

This is great moment to back England, Scotland, Northern Ireland and Wales.

We have an amazing education system that produces some of the best talent in the world.

The largest tech sector in Europe.

Leading positions in some of those great industries of the future

Artificial Intelligence, Life Sciences, Clean energy, the creative industries.

Were 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

A location which means we can speak to our colleagues in the Americas or Asia in the same day

A high ranking in the Global Innovation index, every year

Our wonderful global language

Our world-renowned sport and culture

This great modern city

And all around us

A heritage steeped in commerce and trade

A set of shared values - centuries-long

For being a country that is open for business.

You cant put a price on any of this.

Now we have our problems of course we do.

As Ive said - our public services need urgent care

And our public finances need the tough love of prudence

Challenges we cannot ignore.

Because, we know just as every leader here knows

That those early weeks and months are precious.

And, no matter how many people advise you to ignore it

That you must run towards the fire to put it out

Not let it spread further.

So we will fix our public services

We will stabilise our economy

And we will do it quickly.

Because we dont want any of those problems associated with our inheritance

Misting up the shop window of Britain

Distracting you - from all those assets I just listed.

Assets that may feel more intangible

But are more valuable

More enduring

Deeper in the bones of this nation.

And which are ready to be unlocked

If we take firm and decisive action on policy - which we can and we will

To give you total confidence that this is the moment to back Britain.

So let me quickly run through four crucial areas in our pitch for Britain.

I know - its a kind of CEO heresy to have a list of four not three

So I apologise!

But please indulge me.

First stability.

We have a golden opportunity to use our mandate

To end the culture of chop and change

The policy churn

The sticking plaster politics

That makes it so hard for investors to assess the value of any proposition.

Now, you may think well every government says that

But the stability that comes with a large majority in our system

That is a unique advantage.

And we have the determination

The focus on clear long-term ends

A mission-led mindset that thinks in years

Not the days or hours of the news grid

Needed to unlock that potential.

And dont doubt that.

Second strategy.

We are building a more strategic architecture for growth.

A way for investors to have a much steadier hand on the tiller.

Thats why weve announced a new National Wealth Fund

And switched on Great British Energy

Which will accelerate investment in clean power and future technologies.

Like Carbon Capture and Storage, for example

Which we just backed - alongside BP, Equinor and Eni

And which shows the hard-headed approach we will bring to industrial policy.

A partnership sharing the risk with the private sector

Ambitious absolutely.

But also unsentimental.

Guided by the market

Focused, at all times

On the real potential for comparative advantage in this country.

You know - this is the point I would always make about our Modern Industrial Strategy.

In this country, there has been a long rather arcane political debate about picking winners.

Well, were not in the business of individual picking winners.

But we are in the business of building on our strengths.

Mowing the grass on the pitch

Making sure the changing rooms are clean and comfortable

That the training ground is good.

So that when our businesses compete

They are match fit

That, to put it simply

We give the businesses of this country the best conditions to succeed.

I dont know why thats sometimes controversial in this country

Industrial policy seems fairly commonplace elsewhere around the world.

But it is fundamental to the way we see our job on growth

And our relationship with a room like this.

Third Britains global standing.

Were determined to improve it.

Determined to repair

Britains brand

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