Sir Keir Starmer ordered the UK’s competition watchdog to put growth first and told business leaders he wants to “rip out” bureaucracy.
David Ricks, the CEO of the US pharmaceutical behemoth Eli Lilly, told the news that regulatory changes will incentivize his company to spend more in the UK.
However, after indicating that certain taxes will increase, the administration must strike a balance before the budget is released in two weeks.
Jonathan Reynolds, the business secretary, did not rule out raising the rate at which companies pay National Insurance on Sunday.
In its manifesto, Labour promised not to increase National Insurance. However, Reynolds told News that the manifesto expressly included employees and income tax since it was a vow that taxed working people.
Musk’s dispute
It was revealed earlier this month that Elon Musk, the richest person in the world, had not received an invitation to the investment meeting.
The billionaire would have been “very, very welcome if he had an open investment program that we could have latched on to,” Technology Secretary Peter Kyle told the news.
“Believe me, we will be the first in line if he launches an investment program and there is international competition for it.
