Indeed, the really striking aspect of this whole calamitous affair is that it has acted as a reminder that Britain is still regarded as one of the global investment hotspots. The 200-strong procession of top international business figures filtering into the Guildhall was evidence of that.
Arguably more encouraging was the willingness of some of the most prominent finance houses on the planet to pledge their intention to pump billions of pounds into the UK economy, at the same time as outlining the reasons why they consider this country to still be so attractive.
On the face of it, the notion that it’s “time to invest in Britain” – as declared in a letter by global banking titans JP Morgan and Goldman Sachs, insurers Aviva and Legal & General, private equity firms Blackstone and KKR, fund giant Fidelity and others – comes as something of a surprise.
After all, the Cabinet seems to have spent the last three and half months since it was elected doing everything it can to scare away big business. Concerns about reforms to workers’ rights are widespread across the business spectrum from the smallest enterprises to the upper echelons of the FTSE 100.
Meanwhile, having assumed power with genuine goodwill and optimism from those in business and commerce, confidence is already falling because of fears that companies and wealthier individuals are about to be whacked with a raft of tax rises.
For the time being, business leaders seem willing to give Labour the benefit of the doubt. In the days leading up to Labour’s business love-in, green energy firms promised more than £24bn of new private investment across Great Britain.
Meanwhile, the Government confirmed in the early hours of Tuesday that the total amount pledged at the summit was £63bn. While not all investment was genuinely new, there is no denying a distinct bullishness in the air when it comes to British assets.
Sir Keir is helped by a willingness among many to look beyond government to the many strengths that transcend the politics of the day and underpin the UK economy as a place to invest regardless of which party is calling the shots.
The letter’s signatories said universities, legal expertise and financial services already provided the “bedrock of a strong investment proposition”. Even more reassuring perhaps, given concerns in some quarters about Labour’s embrace of decarbonisation, is their assertion that growth in the technology and energy sectors had “further enhanced Britain’s position”.
