UK politics live: Starmer vows to scrap red tape and £50bn investment at key summit

Here is Sir Keir’s four-part pitch for private sector investment in the UK:

Stability. The PM says Labour will end “sticking plaster politics” that make it hard for investors to see the true value of their spending. He adds that the party’s large majority is a unique advantage and that the new government has shown a commitment to long-term thinking.

Strategy. Sir Keir gives the examples of the new National Wealth Fund and Great British Energy as ways in which Labour is opening the door to private sector investment. He says the government is willing to “share this risk.”

Global standing. “We’re determined to improve it,” says the prime minister, “to repair Britain’s brand as an open, outward-looking, confident trading nation.” This reputation slipped during the “circus” that followed Brexit, he adds.

Regulation. Sir Keir begins by acknowledging that some regulation is necessary, as evidenced by the recent report into Grenfell Tower. However, he adds that regulation must not inhibit growth and investment, indicating a desire to strike a balance.

Attempting to woo investors, Sir Keir lists all the virtues of the UK from its education system, to leading positions in industries of the future like AI. He adds that the UK is a “country where business thrives.”

Acknowledging to the potential problems, Sir Keir says “our public finances need the tough love of prudence,” adding that “we will fix our public services, we will stabilise our economy, and we will do it quickly.”

He returns to Labour’s criticism of “inheritance” from the previous Conservative government, which he says threatens to “mist up the shop window of Britain.”

All of this is to should business leaders “total confidence that this is the moment to back Britain,” he says.

Taking a more sombre tone, the PM says that “political fires rage across the world” such as “conflict, insecurity, a populist mood that rails against the open values so many of us hold dear.”

He adds that these values are “so crucial for making business easy to do.”

Looking at the positive side, Sir Keir also says that there is “possibility as well” from innovations in digital technology, clean energy, medicine and more, “each with the potential to fundamentally change the way that we live and work.”

He returns to his central message of growth, saying that strong business can provide stability in uncertain times.

“It’s not just that stability leads to growth, it’s that growth leads to stability,” he says

Prime minister Keir Starmer begins his speech by joking about his youthful ambition to become a professional flautist, confirming to the audience that “all photographic evidence has been destroyed.”

Turning to business, he goes on to express his vision of a high-growth Britain, telling the audience: “You have to grow your business, and I have to grow my country”

He adds that making the UK the highest-growing economy in the G7 is Labour’s “most important national mission”.

“Growth is higher wages” he says, “a more vibrant high street, public services back on their feet, less poverty, more opportunity, more meals out, more holidays, more precious moments with your family, more cash in your pocket”

Business secretary Jonathan Reynolds takes the stage next, welcoming guests to the summit.

“The UK is back,” he says, “It’s back at the global table”.

He adds that Labour’s first 100 days have ushered in a “new era”. The UK “respects business” and wants to make strong partnerships.

Mr Reynolds goes on to lay out Labour’s plans to make the UK a more attractive place to invest.

“Quite simply my friends: the days of the UK constantly shifting policies and priorities are over” he says, “we are here and committed to the long term.”

Kicking off the investment summit, actress Adjoa Andoh says she will be the “MC” for the day.

“It is wonderful to see so many of the world’s top business leaders, investors, and creative minds gather together under one roof,” she says, “and we are so excited to seize this fantastic opportunity.”

She lays out the day’s schedule, including the final event at St Paul’s Cathedral with King Charles III in attendance plus a surprise musical guest.

It has been confirmed that the owner of P&O Ferries, DP World, will still attend today’s investment summit after the prime minister distanced himself from comments made by transport secretary Louise Haigh.

The Dubai-based company is expected to announce £1bn worth of investment in the UK at the summit, but had reportedly pulled out of the event.

The uncertainty came after Ms Haigh called P&O a “rogue operator” over the company’s much-criticised move to fire 800 workers and replace them with cheaper agency staff. Deputy PM Angela Rayner also described the episode as “an outrageous example of manipulation by an employer”.

Responding to the fallout, Sir Keir distanced himself from the remarks, telling BBC’s Newscast podcast: “That’s not the view of the government”.

“What matters to me is keeping our focus on that inward investment because it’s… the jobs of the future that matter and jobs that are well-paid, that are secure, that are skilled and in different parts of the country.”

Sir Keir Starmer will promise a bonfire of red tape to get Britain building as he gathers global chief executives at an investment summit in the City of London on Monday.

The prime minister is pledging to “rip out the bureaucracy that blocks investment” and ensure regulators prioritise economic growth in their decision-making.

It comes as five of the world’s biggest banks joined private equity firms, insurers and tech giants in declaring it is “time to invest in Britain”.

The government will host hundreds of international businesses today at Labour’s first investment summit in London.

Business owners across the world are attending the flagship event with Sir Keir Starmer delivering a keynote speech in the evening.

The prime minister will be “in conversation” with former Google chief executive Eri Schmidt, which will be moderated by the chief executive of pharmaceutical firm GSK, Emma Walmsley.

A packed agenda will include other panels hosted by the chief investment officer of Google owner Alphabet, the chair of investment firm BlackRock and Amanda Blanc, the boss of insurance group Aviva.

Chief executive of Octopus Energy, Greg Jackson, and managing director of Australia’s Macquarie Group, Shemara Wikramanayake, a former owner of Thames Water, will join a panel on decarbonising the National Grid.

Former England football manager Gareth Southgate will join actor and director Adjoa Andoh, Lucian Grainge, the chief executive of Universal Music Group, the company behind artists including Lady Gaga and Lana Del Rey, and an executive from Netflix on a panel exploring investment opportunities in the creative field.

The evening will conclude with a reception at St Paul’s Cathedral hosted by King Charles.

The technology secretary has left the door open for more laws to protect children online, including a ban on some social media.

“Everything is on the table when it comes to keeping young people safe and I’m looking very carefully at the powers that we might need to do so in the future,” Peter Kyle told LBC.

Asked whether a ban on some social media products was not off the table, he said: “When it comes to the safety of people who live and work and use the online world here in this country, nothing will be off the table.

“I want to work constructively with these companies, that’s what I am doing.”