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Building Britain’s Future: Key Takeaways from the International Investment Summit 2024

14.10.24 ,
Prime Minister Keir Starmer delivered a compelling speech at the International Investment Summit 2024, emphasising the UK government’s commitment to economic growth and stability. Addressing a diverse audience at London’s historic Guild Hall, Starmer outlined his vision for the UK’s future, highlighting the construction industry’s pivotal role in this national mission.

Starmer’s speech underscored the government’s determination to make the UK the highest-growing economy in the G7. He emphasised that growth is not just about economic metrics but about improving the quality of life for all citizens. Growth is higher wages, more vibrant high streets, and public services back on their feet, he stated. This vision aligns closely with the construction industry’s goals of creating jobs, enhancing infrastructure, and contributing to the nation’s prosperity.

The Prime Minister highlighted the importance of private sector investment in rebuilding the country. He pointed to the creation of the National Wealth Fund and the launch of Great British Energy as key initiatives to accelerate investment in clean power and future technologies. These initiatives are expected to drive significant opportunities for the construction sector, particularly in projects related to clean energy and carbon capture and storage.

At the summit, the government announced billions of pounds worth of investments in infrastructure, among other sectors. These investments are part of a broader strategy to attract private sector funding and stimulate economic growth. The Prime Minister vowed to remove needless regulation that hinders investment, a move that is expected to benefit the construction industry by making it easier to undertake large-scale projects.

Major Investment Deals
At the summit, the government announced billions of pounds worth of investments in infrastructure, among other sectors. Some of the key projects include:
  • Iberdrola’s Investment: Doubling their investment in the UK to reach up to £24 billion, focusing on clean energy projects.
  • Orsted’s Offshore Wind Farms: Unlocking £8 billion for offshore wind farm developments.
  • GreenVolt’s Investment: Committing £2.5 billion to offshore wind projects.
  • DP World’s Expansion: Confirming a £1 billion investment to expand the London Gateway port, aiming to make it the largest container port in the UK within five years.
  • SeAh Wind UK’s Expansion: Announcing a £225 million investment to build a state-of-the-art wind technology manufacturing facility in Teesside.
These investments are part of a broader strategy to attract private sector funding and stimulate economic growth. The Prime Minister vowed to remove needless regulation that hinders investment, a move that is expected to benefit the construction industry by making it easier to undertake large-scale projects.

Starmer assured investors of the government’s commitment to stability and long-term strategic planning. He criticised the culture of chop and change and promised a more predictable policy environment. This stability is crucial for the construction industry, which relies on long-term planning and investment. The Prime Minister’s focus on clear regulatory frameworks and protections further enhances the UK’s attractiveness as a destination for construction investment.

In his closing remarks, Starmer called on business leaders to seize the moment and invest in the UK. He highlighted the country’s strengths, including its world-class education system, leading tech sector, and robust legal framework. This is a great moment to back Britain, he declared, inviting investors to contribute to the nation’s growth and stability.

Prime Minister Keir Starmer’s speech at the International Investment Summit 2024 sets a positive tone for the future of the UK construction industry. With a clear vision for growth, strategic investments in infrastructure, and a commitment to stability, the government is creating an environment where the construction sector can thrive. As the UK aims to become the highest-growing economy in the G7, the construction industry will undoubtedly play a crucial role in achieving this ambitious goal.

Royal Involvement
In a show of deep commitment to the nation’s growth and wellbeing, His Majesty The King Charles III will host an extravagant reception for investors at St. Paul’s Cathedral. This event underscores the King’s dedication to supporting the UK’s economic prosperity. Many hope that his influence behind the scenes will amplify the government’s efforts, potentially delivering twice the impact. It is not the first time King Charles III has attended such an event, having hosted former premier Rishi Sunak at a similar reception at Buckingham Palace last year to conclude 2023’s UK Global Investment Summit.