More than £50 billion in deals will be announced at the International Investment Summit, which is over twice as much as the £28 billion announced at the last similar event under the previous Conservative government, News’ City Editor Mark Kleinman found out on Sunday.
It follows a dispute in which the transport secretary’s criticism of P&O Ferries allegedly put a £1 billion investment by the company’s Dubai-based owner, DP World, in jeopardy.
However, following a desperate attempt by UK politicians and diplomats to mend ties with the corporation, the investment will proceed and Sultan Ahmed bin Sulayem, the chairman of DP World, will attend the conference.
Ahead of the chancellor’s first budget on October 30, the government is keen to demonstrate that it is making headway in its goal of delivering economic growth as it marks 100 days in office.
As Labour claims it must close a £22 billion “black hole” in the public finances left by the Conservatives, Chancellor Rachel Reeves has warned of “tough decisions” at the budget review.
The government claims that foreign investment would support its objectives to raise living standards, generate jobs, and improve the lives of families and communities across.
