On October 14, 2024, British Prime Minister Keir Starmer delivered a speech at the International Investment Summit held at the City Hall in central London.
Jonathan Brady | AFP | Getty Images
LONDON – British Prime Minister Keir Starmer vowed on Monday to cut regulatory red tape in a bid to boost the country’s flagging investment.
“We have to look across the board at regulation and where it is unnecessarily hindering investment… Mark my words, we will get rid of regulation,” he told delegates at the government’s first international investment summit in London’s City Hall.
“It’s time to upgrade the regulatory system. We will dismantle the bureaucracy that hinders investment,” he added.
Starmer did not specify which regulations would be changed. However, the government said in a statement that it was “reviewing” the priorities of key regulators, with the Competition and Markets Authority (CMA) in particular being asked to “prioritize growth, investment and innovation”.
Regulatory reform is just one part of Labour’s plan to put the UK at the forefront of emerging opportunities.
last week it roll out A new Office of Regulatory Innovation aims to ease the burden of red tape on businesses working on “game-changing” technologies. Meanwhile, ministers have been reforming the planning system to promote new building projects.
Growth is Labour’s ‘first test’
The Prime Minister reiterated that growth is the “first test of this government” and reaffirmed the UK’s plans to become the fastest-growing economy in the G7.
Starmer also outlined stability, strategy, regulation and improving the UK’s global standing as his “four key areas” of support for the UK.
“Private sector investment is how we rebuild our country and survive in the world,” he said.
Speaking during a panel discussion with Starmer on Monday, GoogleFormer chief executive Eric Schmidt said he was “shocked” when he heard Labour’s strong support for economic growth.
Schmidt added that he was waiting “to see how this is achieved” and urged the government to invest further in artificial intelligence to achieve broader growth goals.
Some have expressed concerns about the government’s proposed regulatory easing, warning that some measures could harm growth and innovation.
“Some regulations are detrimental to innovation, productivity and growth, while others are absolutely necessary for them,” Ali Nikpay, partner and co-chair of the antitrust and competition group at law firm Gibson Dunn, told CNBC via email.
“Take merger controls: The government wants the CMA to be more hands-off. This could create a sugar rush for some industries in the short term as deals are cleared that would have been blocked in the past. But in the longer term this could lead to a sugar rush for some industries rise.
Labor has been trying to paint a more front picture Impact on the economy after being accused of spreading doom first few months In the office. The company is also seeking to position itself as a reliable partner after years of turmoil including Brexit, multiple prime ministers and a bond market sell-off.
Commerce Secretary Jonathan Reynolds opened the summit by announcing that a new era of “stability, openness, (and) commitment to leveraging our mission” to remove barriers to business is coming.
The government announced on Sunday the launch of a new industrial strategy aimed at focusing on eight “growth-driving industries”. These include creative industries, financial services, advanced manufacturing, professional services, defence, technology, life sciences and clean energy industries.
