A cabinet minister said that Elon Musk could be invited to future UK investment summits, provided he has investment programs the UK can bid for. This was before a major London business event. The remarks were made as a group private equity firms and insurers joined five major banks to write a letter saying that it was “time for investment in Britain”, as a boost for Keir Starmer who opened the event on Monday .
Musk responded angrily to reports that he was not invited to the summit. This followed controversial remarks made by the tech and space millionaire about the summer riots. In these comments, the billionaire claimed civil war in the UK was “inevitable”. Peter Kyle, the Science and Technology Secretary, stated that Musk was not banned, but rather, his companies do not offer investment streams to which the UK can bid.
Kyle, speaking on BBC Radio 4 Today, said that Elon Musk had never attended such events under any government. “We’re inviting people who have already invested to attend this summit. They are open to investment and have active programs in place. Elon Musk’s open investment program would have made him a very welcome guest.
Elon Musk is one of the many great companies that we would like to work with. “We’d love to work with Elon Musk, if he wanted to launch an investment program and there was global competition.” We will be the first to knock on Elon Musk’s door, and I will also be in front of him.
Kyle had praised Musk’s SpaceX in an interview with BBC One Breakfast in which he praised their ability to catch a booster stage of its Starship rocket using a pair robotic arms on Sunday.
Kyle said, “I watched in awe at the astounding achievement he made yesterday to see that booster rocket come back to Earth again.” The letter signed by the banks is welcomed by ministers, even though the build-up to the summit was marked by some controversy, including an acrimonious over the employment practices of the Dubai-based P&O Ferries owner.
The 14 signatories of the letter sent to the Times are JP Morgan and Goldman Sachs as well as Bank of America and Citi, the insurers Aviva, L&G and Blackstone, the private equity firms KKR and Blackstone, and a number of tech companies.
Companies said that the UK’s already-attractive investment climate had been further enhanced by the increased political stability. “We are optimistic for the future and believe it is the right time to invest in Britain.” Starmer will promise in his keynote address to “rip out bureaucracy which blocks investment” and to reduce red tape.
He said, “We have to examine the regulations that are holding back investment in our country,” and look for ways to improve them. Mark my words, we will eliminate the bureaucracy that is preventing us from building homes, datacentres and warehouses, roads and train lines. We will remove the bureaucracy which is preventing investment, and ensure that all regulators in this country take growth as seriously as we do.
When asked if that meant less regulation, he replied: “It is different.” It’s not necessary to compromise on the regulatory landscape to achieve innovation.
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