UK politics live: Robert Jenrick promises to make Jacob Rees-Mogg Tory chairman if elected leader

Sir Keir Starmer will pledge to get rid of regulation that “needlessly holds back investment” at a major business conference on Monday.

The Government is expected to unveil investment deals worth billions in AI, life sciences and infrastructure at its first International Investment Summit.

A row over criticism of P&O Ferries that reportedly jeopardised a £1 billion investment by its Dubai-based owner DP World has been smoothed over, with the company saying it will attend the conference.

The Government is eager to show it is making progress on its mission to deliver economic growth after marking 100 days in office and ahead of the Chancellor’s first Budget on October 30.

Chancellor Rachel Reeves has warned of “tough decisions” at the spending review as Labour says it needs to plug a £22 billion “black hole” in the public finances left by the Conservatives.

It would be “absurdity” for Labour to argue that raising employers’ national insurance contributions in the upcoming Budget is not a breach of their manifesto commitments, a Conservative former minister has said.

Shadow work and pensions secretary Mel Stride also said the Government’s claim that his party left a £22 billion black hole in public finances is “fictitious”.

During Prime Minister’s Questions on Wednesday, Sir Keir Starmer declined to rule out potentially raising employers’ national insurance contributions in the upcoming Autumn budget.

At the general election, Labour said it would not increase taxes on working people and included a commitment not to increase national insurance, income tax or VAT.

Chancellor Rachel Reeves has said the Labour Government inherited a £22 billion “black hole” in the public finances from its predecessors, causing speculation about how she will raise funds.

Robert Jenrick has promised to make Jacob Rees-Mogg Tory party chairman if he wins the Conservative Party leadership election.

Mr Jenrick on Sunday said he would appoint the Boris Johnson loyalist despite him losing his seat in the July election.

“One of my first acts as leader would be to appoint him as chairman of the party so we can truly reform and democratise our party,” Mr Jenrick said.

“Together we will empower members and restore the respect that has been so sorely lacking in recent years,” he added.

Phones4U founder John Caudwell has said he thinks Sir Keir Starmer should be paid around £300,000.

Mr Caudwell, who is a former major Tory donor but backed Labour at this year’s general election, called for the Prime Minister and government ministers to be paid “fairly” and to set legally enforceable rules to prevent them from taking any other paid roles.

The billionaire told the PA news agency: “Prime Ministers are expected to represent Britain on the world stage and so they should receive a salary that matches the responsibility that comes with the job. Paying them £300,000 sounds about right to me.”

Sir Keir is paid around £167,000 from his MP and Prime Minister’s salaries.

Mr Caudwell also said it is time to reform rules for gifts and non-parliamentary financial interests as the Government has faced a growing row about senior Labour MPs accepting gifts, including free clothes from party donor Lord Waheed Alli.