Big enterprise backs UK regardless of Budget tax menace | EUROtoday

Some of the world’s largest corporations have voiced confidence within the UK financial system forward of the federal government’s first worldwide funding summit in London.

More than a dozen enterprise leaders have signed a letter within the Times, saying higher stability has elevated the UK’s attractiveness.

At the convention, Prime Minister Sir Keir Starmer will promise to scrap regulation that “needlessly holds back investment”.

However, the federal government is going through a balancing act forward of the Budget in two weeks’ time having already signalled that some taxes will rise.

On Sunday, Business Secretary Jonathan Reynolds didn’t rule out a rise within the price of National Insurance paid by employers.

Labour pledged in its manifesto to not increase National Insurance. But Reynolds informed Sky News: “That pledge, it was taxes on working people so it was specifically in the manifesto, a reference to employees and to income tax.”

The letter to the Times, signed by major banks such as Goldman Sachs and JP Morgan and insurance companies including Aviva, said there was a “very actual alternative for the UK to develop its financial system by attracting worldwide funding”.

“We are optimistic about the way forward for the financial system, and imagine it’s time to spend money on Britain,” the letter said.

The run-up to the conference has been overshadowed by a row over comments made by a minister about P&O Ferries.

A £1bn investment in an Essex port by P&O Ferries owner DP World appeared to be in doubt after Transport Secretary Louise Haigh described the ferry company as a “rogue operator”.

Haigh was publicly rebuked by the prime minister, and DP World will now be attending the conference, along with the bosses of investment giants such as Blackrock and L&G.

Australian firm Macquarie, which has been blamed for saddling Thames Water with unsustainable debts when it was its biggest shareholder, is promising to invest £20bn in the UK over the next five years, including an electric car charging network.

The conference is taking place at London’s Guildhall, and will feature keynote speeches from both the prime minister and Chancellor Rachel Reeves.

In his speech, Sir Keir will say he’ll “do everything in my power to galvanise growth including getting rid of regulation that needlessly holds back investment”.