UK politics live: Keir Starmer takes swipe at Boris Johnson and Brexit chaos in vow to boost business

Moving to a different format, Sir Keir is joined by Eric Shmidt, former CEO of Google, for a panel discussion between the two.

Asked what he wants to achieve most in power, Sir Keir says the government is “mission-driven,” with growth being the number one most important thing.

Responding to the prime minister’s argument that now is the right time to invest, Mr Schmidt says “I was shocked when Labour became strongly in favour of growth.”

“Maybe you need a minister of anti-regulation,” he jokes, before moving to the more serious point that a democracy like the UK has “so many ways in which people can say no.”

He says the business community would rather there was a more centralised decision-making process, telling the prime minister that delay “is killing you.”

“Some people may be wondering about our labour market policies” says Sir Keir, addressing reports that some business leaders are uneasy about Labour’s plans to strengthen workers’ rights in the UK.

“Let me be clear: they’re pro-growth,” he says, “workers with more security at work, with higher wages, that is a better growth model for this country.”

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”.