Former Google boss Eric Schmidt is one of many high-profile executives who will be attending the first international investment summit organized by the Labour government. Schmidt, former Google chief executive between 2001 and 2011, will play a major role in the central London summit on the 14th of October. He will be in conversation with Keir starmer.
The prime minister hopes that the summit will send out a clear message to investors, that Britain is open for business under Labour. He also hopes to encourage new private investment to help him achieve his growth agenda. Other confirmed speakers include the CEO of Canadian investment firm Brookfield Asset Management Bruce Flatt and the head of UK self-driving technology startup Wayve Alex Kendall.
The summit will likely focus on technology, but Elon Musk , the boss of Tesla and owner of X has been excluded following his controversial posts made during the August riots in England. Musk was the star of a UK summit in November, last year, on AI. Then Conservative Prime Minister Rishi Sunak played the part of a talk show host, and flattering the entrepreneur for 40 minutes.
Musk has endorsed Donald Trump for the upcoming US elections and was present alongside him at the site where Trump narrowly avoided assassination last July in Butler, Pennsylvania. Schmidt commented on Labour’s Investment Summit: “When the UK held the first global summit for AI safety, it demonstrated its commitment to be a leader of responsible innovation. Schmidt said that the UK has an opportunity to articulate a future vision where it is a hub of world-class talent.
I’m eager to discuss with the Prime Minister how we can increase investment in education and research to ensure that the UK remains at the forefront of technological breakthroughs. Labour hopes that the event will boost investment in the UK a week before the Budget on 30 October.
Business leaders who attended Labour’s annual Liverpool conference complained that the Summit was not timed. It came two weeks before budget, when the key government policies were still unknown. These include the spending priorities as well as potential tax changes, such inheritance tax or business rates.
Last month, Labour sources said that the government wouldn’t be ready to unveil its industrial strategy until the summit. This policy is important because it will guide investment in the economy. The budget will be accompanied by a green paper to allow for consultation on the proposals. This will lead to the full launch of the plan in early 2019.
In the campaign for the general elections, the party promised to host the summit in the first 100 day after winning power. This was to demonstrate that the UK will be “open to business” under the new government.
Sponsors of the summit include Barclays, HSBC plc, Lloyds Bank, M&G plc Octopus Energy, and TSL.
Barclays chief executive CS Venkatakrishnan said that the summit provided an opportunity for government officials to “build investor confidence based upon its priorities in driving UK economic growth.” The UK is an attractive investment destination because of its stability, skills, and innovation history.
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