PRESS RELEASE : Prime Minister puts investment at the heart of first Council of the Nations and Regions [October 2024]

The press release issued by 10 Downing Street on 5 October 2024.

Leaders from across the UK will come together in Scotland next week [Friday 11 October] as the Prime Minister convenes the first Council of Nations and Regions.

Leaders from across the UK will come together in Scotland next week [Friday 11 October] as the Prime Minister convenes the first Council of Nations and Regions.

Three days ahead of the International Investment Summit, the first Council will focus on investment and growth and is a key moment to ensure everyone is collectively playing their part to maximise the opportunity the Summit presents for the whole of the UK.

The Council brings together First Ministers, Northern Ireland’s First Minister and Deputy First Minister and regional Mayors from across England, as the UK Government forges new partnerships, resets relationships and seizes the opportunity to secure long term investment with the aim of boosting growth and living standards in every part of the UK.

Prime Minister Keir Starmer said:

I’m determined to bring forward a new era of stability, trust, and partnership with businesses, investors, Devolved Governments, and local leaders to boost the economy and restore the UK’s reputation one of the best places in the world to do business.

I’ve set out that we will be doing things differently, and that’s exactly why we are delivering our promise to convene the first Council of the Nations and Regions as we work as one team to maximise opportunities ahead of the Investment Summit.

No more talking shops of the past. Genuine, meaningful, and focused partnership to change the way we do business, redefine our position on the world’s stage, and unlock the whole of the UK’s untapped potential to make everyone, everywhere better off.

Tracy Brabin, Mayor of West Yorkshire, said:

This new era of genuine partnership working between the Government and Mayors will help us to unleash the potential of our great regions and boost growth.

Mayors are champions of their regions at home and abroad, attracting investment, creating good jobs, and putting more money in people’s pockets. Our investments in transport, skills and homes, create the right environment for growth by connecting businesses to the talent and finance they need to succeed.

Through partnership working and by listening to business, we’ll deliver the long-term investment our country needs to shake off stagnation and face the future with confidence.

Local leaders as well as Heads of the Devolved Governments have also been invited and are expected to attend the International Investment Summit to forge new partnerships with businesses to unlock growth in every corner and every community across the UK.

The UK Government led inaugural International Investment Summit is expected to be opened by the Prime Minister where he will take part in an in conversation event with Eric Schmidt – the pioneer behind Google’s transformation from start up to one of the world’s most powerful companies.

Eric Schmidt, Former CEO & Chairman of Google KBE said:

Artificial intelligence represents one of the most transformative technologies of our time. It will change how economies everywhere function, and it will determine which countries stay competitive in the decades to come.

Last year, when the UK hosted the first global summit on AI safety, the country displayed its commitment to being a leader in responsible innovation. Now, it has the opportunity to go even further and articulate a vision for the future where the UK is a hub for world-class talent.

I’m looking forward to discussing with the Prime Minister how we can drive even greater investment in research and education to ensure the UK stays at the forefront of these technological breakthroughs.

The Summit will gather UK leaders, high-profile investors and businesses from across the world at a historic venue in central London – with confirmed speakers including Ruth Porat President & Chief Investment Officer, Alphabet and Google, Alex Kendall, CEO of Wayve and Bruce Flatt, CEO of Brookfield Asset Management.

The event will provide an opportunity for the Government to establish enduring partnerships with businesses to boost investment in the UK and to give investors the certainty and confidence they need to drive growth.

It will be sponsored by Barclays, HSBC, Lloyds, M&G plc, Octopus Energy, and TSL.

Today’s announcement follows the Government confirming funding this week to launch the UK’s first carbon capture sites in Teesside and Merseyside. In a boost for economic growth and protecting the environment, the new carbon capture and CCUS enabled hydrogen projects will create 4,000 new jobs, sustain important British industry, and help remove over 8.5 million tonnes of carbon emissions each year – the equivalent of taking around 4 million cars off the road.

C.S. Venkatakrishnan, Group Chief Executive, Barclays said:

The International Investment Summit is an important opportunity for the Government to build further investor confidence based on its priorities for driving UK economic growth.

The UK’s stability, skills and history of innovation make it an attractive investment destination. The private sector has an important supporting role in helping the economy.  Barclays has made its largest ever capital investment in the UK to drive economic growth and we continue to connect both domestic and international investors with opportunities across the country.

Georges Elhedery, Group CEO, HSBC said:

From SMEs to multinational corporates, UK companies’ enterprise, expertise and innovation present huge opportunities for partnership and economic growth. With our long history of helping UK customers trade with the world and international customers to invest in the UK, HSBC is pleased to support the International Investment Summit.

Charlie Nunn, Group Chief Executive, Lloyds Banking Group said:

The UK business environment remains an innovative and dynamic destination for investors and global talent, and we are proud to support the International Investment Summit. Lloyds works with corporate and institutional clients from the UK and across the world – generating jobs and growth, attracting inward investment, and increasing exports.  These are essential ways we are helping Britain prosper.

Andrea Rossi, CEO, M&G plc said:

The UK has a clear national mission to drive economic growth and back wealth creation across every region of the country. At M&G, we have actively invested in the UK for 175 years, driving progress and helping people, businesses and communities thrive. We continue to support a range of companies, invest in critical infrastructure and play our part in boosting regional economies. The International Investment Summit is a crucial moment to put the UK back on the investor map, showcase market opportunities and reinforce how business and government can work in partnership.

Greg Jackson, CEO of Octopus Energy said:

The UK is the vanguard of green innovation, brimming with the talent and technology needed to accelerate the global energy revolution. By investing in British renewables and clean tech, we’re not just creating greener energy for people but driving the solutions that will power the world. The International Investment Summit is a great opportunity to showcase the UK’s climate leadership and revolutionise the sector.

Jackie Wild, TSL Group CEO said:

We are delighted to be a partner to the International Investment Summit. We founded TSL more than two decades ago with the vision of creating a British export model of technical engineering and construction excellence. We are proud to be delivering projects for international clients across the world to power the fourth industrial revolution.

In addition, through the creation of SmartParc, our cutting edge, investable platform for food industry change, we continue to facilitate inward investment into the UK’s food industry to safeguard our national food security.